Top Glove Q3 earnings double to RM53.8m

KUALA LUMPUR: Top Glove Corporation Bhd
posted a strong set of results in the third quarter ended May 31, with
earnings surging 110% to RM53.81mil from RM25.59mil a year ago, boosted
by stronger demand for gloves especially from all the markets and lower
latex prices.
It said on Wednesday its revenue was at a record
high of RM603.29mil, up 12.6% from RM535.36mil a year ago. Earnings per
share were 8.7 sen compared with 4.14 sen.
It declared a first
single tier interim dividend of 7.0 sen per share (net of tax) for the
quarter, which would be paid on July 19.
Top Glove said its
nine-month earnings rose 59.3% to RM138.69mil from RM87.05mil in the
previous corresponding period. Revenue increased 12.9% to RM1.707bil
from RM1.512bil.
"The improved performance was attributed to an
increase in demand, improved efficiency, coupled with a favourable
downtrend in natural rubber latex prices which declined from an average
of RM8.80 per kg in the nine-months of FY11 to RM7.56 a kg in the
nine-months of FY12," it said.
Top Glove group chairman Tan Sri Lim Wee Chai
said the better performance was due to stronger demand for gloves
especially from all the markets, as gloves are deemed as basic
necessities, especially in the healthcare industry.
"The
positive growth can be traced to several important trends: government
and employers putting more emphasis on workplace safety, a growth in
safety compliance regulations, and the ongoing education and awareness
to promote public health and safety benefits of hand protection," he
said.