Top Glove Corporation released its First Quarter (1QFY2024) ending 30 November 2023 attaining Sales Revenue of RM493 million, an increase of 4% quarter on quarter, while its Loss from Operations continued to narrow by 39% to RM60 million compared with the previous quarter.
The Group also saw an improvement in its 1QFY2024 Loss After Tax of RM47 million, representing a 90% reduction from its 4QFY2023 Loss After Tax, which included a one-off impairment of RM392 million. Meanwhile, the group recorded positive EBITDA of RM21 million, an increase of 320% against the previous quarter and total positive cash inflow from operations of
RM17 million, which are areas of priority for the Group. Sales Volume also showed growth versus 4QFY2023.
Looking ahead, the Group said it maintains a positive mid to long term outlook on the glove industry, as gloves are an essential, single use item in the healthcare, industrial and F&B sectors with no viable replacement.
