Friday 29 Mar 2024
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KUALA LUMPUR (June 19): Shares of Top Glove Bhd rose as much as 1.44% today on bargain hunting after the company said it would perform better in the fourth quarter.

At 2.50pm, the share price of the world's largest rubber glove manufacturer was five sen or 1.03% higher at RM4.92, raising its market capitalisation to RM12.66 billion. Some 1.59 million shares were traded.

Yesterday, Top Glove saw its share price slip as much as 7.07% after it announced weaker results for the third financial quarter ended May 31 (3QFY19). The counter eventually closed at RM4.87, one of the top losers on Bursa Malaysia on Tuesday.

Top glove's 3QFY19 net profit was 36.5% lower year-on-year at RM74.67 million, owing to higher latex prices. Revenue, however, improved 8.1% to RM1.19 billion from RM1.1 billion in 3QFY18, backed by growth in sales volume.

Top Glove declared a first interim dividend of 3.5 sen per share for the financial year ending Aug 31, 2019, payable on July 16.

For the nine months ended May 31, 2019 (9MFY19), net profit fell 12.5% to RM290.51 million from RM332.03 million a year ago. However, 9MFY19 revenue grew to RM3.61 billion against RM3 billion a year ago.

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