KUALA LUMPUR, Dec 17 — Top Glove Corp Bhd’s pre-tax profit declined to RM61.84 million for its first quarter ended November 30,2013 against the RM70.38 million registered in the same period last year.

Revenue for the quarter dipped to RM574 million from RM584.5 million in the same period last year.

The lower revenue was due to lower average selling prices and unfavourable contributions from its China operations, said the group in a filing to Bursa Malaysia today. 

The Group maintained a net cash position of RM187.9 million as at November 30, 2013, as well as a healthy balance sheet.

“Although our overall growth was modest, we have nonetheless started the financial year on a positive note, and are determined to improve our performance in the coming quarters,” Chairman Tan Sri Lim Wee Chai said in a statement.

Moving forward, the group will be facing a very challenging and competitive business environment, particularly with the electricity tariff hike of 16.85 per cent, which comes into effect on January 1,2014. — Bernama