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Malaysia's Top Glove Posts Record Profit For Fourth Consecutive Quarter In Second Quarter

Net profit soared 2,380% to 2.87 billion ringgit ($695.93 million) in the second quarter of the financial year from 115.7 million ringgit a year ago

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Malaysia's Top Glove Corp Bhd posted a record profit for the fourth consecutive quarter in the December-February period as continued demand for gloves globally boosted sales, the company said on Tuesday.

Net profit soared 2,380% to 2.87 billion ringgit ($695.93 million) in the second quarter of the financial year from 115.7 million ringgit a year ago, it said.

The world's largest medical gloves manufacturer also posted record revenue of 5.37 billion ringgit in the second quarter, up 336% from a year ago.

The company said greater production efficiency and higher average selling prices had boosted profits, already underpinned by high demand for rubber gloves during the COVID-19 pandemic.

"While demand is likely to stabilise post-pandemic, the Group expects it will not revert to pre-pandemic levels owing to increased hygiene awareness as well as uncertainties surrounding the resolution of the COVID-19 pandemic," the company said in a statement.

Top Glove estimated global glove demand would grow to about 15% per annum post-pandemic from around 10% per annum before the coronavirus spread, even as vaccines are rolled out.

It also expected governments to continue stockpiling gloves and other personal protective equipment.

(Reuters)