Top Glove slumps after reporting first quarterly loss since 2001 listing

Top Glove slumps after reporting first quarterly loss since 2001 listing
-A +A

KUALA LUMPUR (Sept 20): Top Glove Corp Bhd's shares slumped as much as 3.55% in heavy trade to 68 sen on Tuesday (Sept 20) afternoon, after the glove maker reported its first quarterly loss since listing on Bursa Malaysia in 2001.

The last time the stock traded at this level was on May 8, 2017, when it closed at 66.5 sen.

The counter however, pared losses towards the end of the day to close at 70.5 sen, with 112.5 million shares traded. Top Glove was the day's second most active stock on Bursa Malaysia.

Over the past one year, the stock has declined 74.29%; in the past 30 days it has come down 19%.

At the current level, the group is valued at RM5.75 billion.

Top Glove announced a net loss of RM52.59 million for the fourth quarter ended Aug 31, 2022 (4QFY22), versus a net profit of RM447.4 million a year earlier.

For the full year (FY22), net profit plunged to RM235.97 million from RM7.71 billion in FY21, as the group capitalised on soaring demand for gloves during the Covid-19 pandemic. Full-year revenue fell 65.94% to RM5.57 billion, from RM16.36 billion.

Top Glove listed on Bursa's then Main Board on March 27, 2001.

In a separate filing on Tuesday, Top Glove said it would, at the upcoming annual general meeting (AGM), seek a renewal of shareholders' mandate to purchase its own shares of up to 10% of its issued and paid-up capital.

Read also:
Top Glove closes final quarter of FY22 in the red with net loss of RM53m

S Kanagaraju