Malaysia's Top Glove quarterly profit soars on coronavirus-driven demand

Malaysia's Top Glove quarterly profit soars on coronavirus-driven demand

Top Glove products are pictured on display at its headquarters in Shah Alam
Top Glove products on display at the firm's headquarters in Shah Alam, Malaysia, Aug 11, 2020. (Photo: REUTERS/Lim Huey Teng)

KUALA LUMPUR: Malaysian glove maker Top Glove Corporation reported a multi-fold jump in quarterly profit on Thursday (Sep 17), beating analyst estimates, on strong global demand due to the COVID-19 outbreak.

The world's top glove maker posted its highest-ever net profit of RM1.29 billion (US$311.37 million) for the quarter ended Aug 31, compared with RM74.2 million a year ago, surpassing the RM349.2 million analyst estimate from a poll by Refinitiv.

Revenue was up 161 per cent year-on-year to RM3.11 billion.

Glove demand remains at a "supernormal level", Top Glove said in a statement, estimating demand to grow 25 per cent next year and 15 per cent post-pandemic.

The firm said the protective gear would still be required when a vaccine becomes available.

The firm has also earmarked RM8 billion for capital expenditure over the next six years.

Source: Reuters/dv

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