Bursa Alert
Global Market
NewsUpdate Top Glove 3Q profit falls 25% to RM40m
Page 1 of 1
Update Top Glove 3Q profit falls 25% to RM40m
by Cals Thu 13 Jun 2013, 14:44
Update Top Glove 3Q profit falls 25% to RM40m
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Thursday, 13 June 2013 13:54
KUALA LUMPUR (June 13): Top Glove Corp Bhd reported a 25% fall in third quarter net profit from a year earlier. The decline came on lower selling prices for its products and foreign exchange (forex) losses.
In a statement to the exchange, Top Glove said net profit came to RM40.27 million in the third quarter ended May 31, 2013 (3QFY13) versus RM53.81 million previously. Revenue rose to RM604.08 million from RM603.3 million.
"The group faced headwinds in the form of very volatile exchange rate of ringgit Malaysia against other foreign currencies during the quarter," Top Glove said.
The firm said it had registered unrealised losses of RM10.9 million from the fair value on its US Dollar forex forward contracts and Australian dollar-denominated fixed-income investments.
Top Glove said 3QFY13 revenue had grown on a 17% rise in sales volume which mitigated the impact of lower average selling prices (ASP). The firm said ASP had fallen on lower raw material prices.
Meanwhile, cumulative nine-month net profit rose to RM148.08 million from RM138.7 million while revenue climbed to RM1.77 billion from RM1.71 billion.
Top Glove plans to pay a first interim net dividend of seven sen a share for 3QFY13.
In a separate statement, Top Glove chairman Tan Sri Lim Wee Chai said the firm will "press ahead" with its plans to grow its nitrile glove output.
Lim said the manufacturer plans to increase its annual capacity (natural rubber and nitrile gloves) to 47.9 billion pieces in April 2014 from 41.1 billion pieces now.
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Thursday, 13 June 2013 13:54
KUALA LUMPUR (June 13): Top Glove Corp Bhd reported a 25% fall in third quarter net profit from a year earlier. The decline came on lower selling prices for its products and foreign exchange (forex) losses.
In a statement to the exchange, Top Glove said net profit came to RM40.27 million in the third quarter ended May 31, 2013 (3QFY13) versus RM53.81 million previously. Revenue rose to RM604.08 million from RM603.3 million.
"The group faced headwinds in the form of very volatile exchange rate of ringgit Malaysia against other foreign currencies during the quarter," Top Glove said.
The firm said it had registered unrealised losses of RM10.9 million from the fair value on its US Dollar forex forward contracts and Australian dollar-denominated fixed-income investments.
Top Glove said 3QFY13 revenue had grown on a 17% rise in sales volume which mitigated the impact of lower average selling prices (ASP). The firm said ASP had fallen on lower raw material prices.
Meanwhile, cumulative nine-month net profit rose to RM148.08 million from RM138.7 million while revenue climbed to RM1.77 billion from RM1.71 billion.
Top Glove plans to pay a first interim net dividend of seven sen a share for 3QFY13.
In a separate statement, Top Glove chairman Tan Sri Lim Wee Chai said the firm will "press ahead" with its plans to grow its nitrile glove output.
Lim said the manufacturer plans to increase its annual capacity (natural rubber and nitrile gloves) to 47.9 billion pieces in April 2014 from 41.1 billion pieces now.
Cals- Administrator
- Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€
d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis
Similar topics» Mudajaya 3Q profit falls 28% yoy to RM40m
» Highlight Petronas unit Malaysia Marine 2Q profit falls 16% to RM40m
» Top Glove 4Q net profit falls 42% to RM26.09m
» Highlight Top Glove 4Q profit falls 25%, pays 9 sen dividend
» Top Glove 4Q net profit falls 5% on-year, full year profit lower at RM180m
» Highlight Petronas unit Malaysia Marine 2Q profit falls 16% to RM40m
» Top Glove 4Q net profit falls 42% to RM26.09m
» Highlight Top Glove 4Q profit falls 25%, pays 9 sen dividend
» Top Glove 4Q net profit falls 5% on-year, full year profit lower at RM180m
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum|
|
|