KUALA LUMPUR, Sept 17 — Malaysian glove maker Top Glove Corporation Bhd reported a multifold jump in quarterly profit on Thursday, beating analyst estimates, on strong global demand due to the coronavirus outbreak.
The world’s top glove maker posted its highest-ever net profit of RM1.29 billion for the quarter ended Aug. 31, compared with RM74.2 million a year ago, surpassing the RM349.2 million analyst estimate from a poll by Refinitiv.
Revenue was up 161 per cent year-on-year to RM3.11 billion.
Glove demand remains at a “supernormal level”, Top Glove said in a statement, estimating demand to grow 25 per cent next year and 15 per cent post-pandemic.
The firm said the protective gear would still be required when a vaccine becomes available.
The firm has also earmarked RM8 billion for capital expenditure over the next six years. — Reuters