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Malaysia’s Top Glove posts near 6-fold jump in Q3 profit on pandemic demand By Reuters

© Reuters. FILE PHOTO: A worker inspects newly-made gloves at Top Glove factory in Shah Alam, Malaysia August 26, 2020. REUTERS/Lim Huey Teng

KUALA LUMPUR (Reuters) – Malaysia’s Top Glove Corporation Bhd reported on Wednesday a 485% jump in third-quarter net profit as the COVID-19 pandemic drove continued strong demand for gloves.

The world’s largest medical glove manufacturer had posted record profits for the prior four straight quarters, bolstered by people using more gloves due to increased hygiene awareness in the pandemic.

In a stock exchange filing, the firm said net profit for the March-May period jumped to 2.04 billion ringgit ($495.63 million) from 347.9 million ringgit a year ago. UBS had forecast a profit of 2.54 billion ringgit, according to Refinitiv data.

($1 = 4.1160 ringgit)

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