Top Glove posts RM51m net profit in Q2

Top Glove Corp Bhd posted a RM51.32 million net profit for its second quarter ended February 28, 2013 against RM54.19 million in the same period last year.

Revenue for the quarter was RM576.41 million from 548.99 million in the same period last year.

Top Glove recorded five per cent revenue growth to RM1.16 billion in the first half of its financial year ended February 28, 2013 from RM1.1 billion.

Its net profit was 27 per cent higher at RM110.2 million in comparison to RM86.7 million in the first half of last year.

"The 22 per cent surge in sales volume for the last six months from last year is attributed to increased demand from all regions for both natural rubber and nitrile gloves, particularly nitrile gloves, whose sales jumped by 43 per cent from the preceding financial year," the group said in a statement today.

Strong demand growth for natural rubber gloves was also seen in the emerging economies in Asia and Latin America, it said.

The group said improved production capacity utilisation and a more competitive pricing also served to boost sales.-- Bernama