Top Glove’s pre-tax profit up 100 pct in first quarter

KUALA LUMPUR: Top Glove Corporation Bhd has recorded a 100 per cent increase in pre-tax profit for its first quarter ended Nov 30, 2009, to RM86.6 million from RM43.3 million in same quarter last year.

STRONG PROFIT GROWTH: A worker inspects newly-made gloves at Top Glove factory in Klang outside Kuala Lumpur. The company has recorded a 100 per cent increase in pre-tax profit for its first quarter ended Nov 30, 2009, to RM86.6 million from RM43.3 million in same quarter last year. — Reuters file photo

Revenue of the world’s largest rubber glove manufacturer rose 22 per cent to RM472.3 million from RM386.1 million previously.

Chairman Tan Sri Lim Wee-Chai attributed the continuing profit growth to aggressive marketing strategies and improvement in product productivity and quality.

“Top Glove is efficient and has adapted well to the challenging business environment, resulting from cost-saving measures implemented at all factories,” he said in a statement yesterday.

Lim said the group was continuing to strengthen its balance sheet and working capital position, currently in net cash position of RM222 million, with RM237.1 million cash in bank as at Nov 30, 2009.

“In view of the strong profit growth for the first quarter, the group is optimistic of its future outlook despite ongoing global economic challenges,” he said.

“With a diversified range of good quality products offered to a huge customer base spread over more than 180 countries, the group is confident of continuous growth and good profitable performance in the current financial year,” he added. — Bernama