Top Glove Defers Expansion as Profit Slumps 99% on Weak Demand
- Company’s 3Q profit is the smallest quarterly total since 2005
- Challenging business environment to persist in the near term
Latex gloves at the Top Glove Corp. factory in Setia Alam, Selangor, Malaysia.
Photographer: Samsul Said/BloombergThis article is for subscribers only.
Top Glove Corp., the world’s largest rubber glove maker that reported a 99% plunge in quarterly profit, said it will put its expansion plans on hold as the lifting of Covid-era curbs cools demand for protective gear.
The Malaysian company, which makes one out of every five gloves in the world, said higher wages and elevated oil prices are weighing on margins as it is unable to pass on the costs to customers due to an oversupply situation.