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aws试用账号(www.2km.me)_Top Glove posts Q1 net profit of RM186mil

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Managing director Datuk Lee Kim Meow (file pic) said: “The team’s efforts to deliver these results against a challenging environment with headwinds, are to be commended.”

KUALA LUMPUR: Top Glove Corp Bhd, which posted a net profit of RM185.71mil in the first quarter ended Nov 30, 2021 (Q1 22), has declared a dividend payment of 1.2 sen per ordinary share.

The dividend payment amounted to RM96mil. The ex date for the dividend is Dec 24, 2021 while the payment date is Jan 10, 2022.

Revenue in the first quarter fell to RM1.58bil from RM4.76bil a year prior. Its net profit during the quarter was significantly lower compared with RM2.35bil a year ago.

Top Glove’s net cash position as at Nov 30, stood at RM1.06bil. The group said the softer performance was mainly attributed to normalising average selling prices (ASPs) and glove demand following mass vaccine rollout on a global scale, while customers remained cautious on replenishing orders.

In addition, Top Glove said raw material costs reduced at a much slower pace in comparison to glove ASPs, thereby impacting its profit.

However, the glove manufacturer said the surplus in glove supply would likely be offset in part, by the steady and consistent growth in global glove demand.Top Glove said raw material costs reduced at a much slower pace in comparison to glove ASPs, thereby impacting its profit. The glove manufacturer said the surplus in glove supply would likely be offset in part, by the steady and consistent growth in global glove demand.

Managing director Datuk Lee Kim Meow said: “The team’s efforts to deliver these results against a challenging environment with headwinds, are to be commended.”

“Having been in the glove industry for 30 years, we know this is part of the business cycle and have prepared for it.

“We have built up our reserves over the last two years which will enable us to go through leaner times and leverage any merger and acquisition opportunities which may arise,” he said.

“While times may be tough now, we are confident good times will come again. We believe even in the hardest of times, there is also opportunity, as long as we continue to stay healthy and maintain a positive expectation of the future,” Lee said.

In light of the challenging business landscape, Top Glove will be cautious and defer its expansion plans to be in line with market trends and the demand-supply situation.

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