Top Glove posts 97% slump in Q2 profit

Top Glove said profit in the December-February period fell to RM87.55 million, down from RM2.87 billion a year earlier. PHOTO: REUTERS

KUALA LUMPUR (REUTERS) - Top Glove Corp reported on Wednesday (March 9) a 96.9 per cent drop in its second-quarter profit from a year ago, hurt by falling average selling prices of medical gloves as the Covid-19 pandemic eases.

The world's largest medical glove maker said in a stock exchange filing that profit in the December-February period fell to RM87.55 million (S$28.6 million), down from a record RM2.87 billion a year earlier.

Revenue fell 73 per cent to RM1.45 billion, the filing showed.

The results come a day after the Malaysian firm postponed plans for a US$347 million (S$473 million) secondary listing in Hong Kong due to market uncertainty.

The company is dual-listed in Kuala Lumpur and Singapore. Its shares on the Singapore Exchange were down 0.8 per cent at 59 cents at 1.39pm on Wednesday.

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