Malaysia’s Top Glove Net Loss Narrows on Increased Selling Prices

28

The world’s largest glove producer Top Glove posted lower losses in the third quarter, driven by increased average selling prices, ongoing quality and cost optimization measures.

The Malaysia-based glove maker said in a statement on Friday that its net loss narrowed to 130.59 million ringgit (28.30 million U.S. dollars) in the third quarter from 164.67 million ringgit in the second quarter.

The group made a net profit of 15.29 million ringgit in the same period of 2022.

Meanwhile, the group’s revenue fell 14.14 percent quarter-on-quarter to 530.62 million ringgit. On a year-on-year basis, the revenue plunged 64.45 percent from 1.49 billion ringgit a year ago (1 ringgit equals 0.22 U.S. dollars).