Company Briefs: Top Glove

Top Glove

Top Glove's net profit tumbled 13.3 per cent to RM80.1 million (S$26.4 million) for its fourth quarter ended Aug 31 from RM92.3 million a year ago, the mainboard-listed glove manufacturer said yesterday.

This came amid a spike in natural rubber latex prices as well as greater competition in the natural rubber glove segment, which lowered the segment's profit contribution and sales volume, said the firm based in Malaysia.

Earnings per share stood at 3.13 sen for the quarter, down from 3.61 sen for the corresponding period last year. Revenue inched down 2.8 per cent from a year ago to RM1.19 billion, amid a 2 per cent dip in sales volume in the fourth quarter.

During the period, the average natural rubber latex price surged 5.2 per cent from the figure in the previous quarter to RM4.65 per kg, while the average nitrile latex price edged up 1 per cent to US$1.06 (S$1.46) per kg.

For the full year to Aug 31, net profit slipped 12.7 per cent to RM370.6 million owing to the surge in natural rubber latex prices, although revenue grew 13.8 per cent year on year to RM4.8 billion on stronger sales volume.

Overall sales volume grew 10.2 per cent for the year, mainly from the nitrile glove segment which saw a surge of about 30 per cent, as well as the surgical glove segment which rose 46 per cent. Meanwhile, sales volume for natural rubber gloves was largely flat, but sales volume for vinyl gloves declined by 29 per cent.

Purple Asset Management

Seeing "incredible" opportunities for outsourced chief investment officer (OCIO) services in Asia, Purple Asset Management yesterday launched in Singapore its OCIO services provider for the region.

The Global CIO Office provides a suite of investment advisory services, including inputs relating to strategic and tactical asset allocation, multi-asset and single-asset class portfolios, fund selection, private debt, commercial and residential real estate, environmental, social and governance portfolio management and product portfolio management. It targets wealth management businesses, endowment funds and single-and multi-family offices across Asia and the Middle East.

In Asia, the transfer of inherited wealth and increasing regulatory scrutiny have led to many families looking to institutionalise the administration and management of their assets.

For instance, outsourcing operations are becoming a preferred option for Asia-Pacific's asset managers.

A version of this article appeared in the print edition of The Straits Times on September 27, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe