Top Glove Corporation announced its financial results for the Second Quarter results with sales revenue declining to RM550 million as compared to RM618 million recorded in the same quarter in the preceding year. Loss After Tax narrowed to RM40 million as oppose to RM154 million for the year before. The group however did see QoQ 12% rise in revenue.
During the quarter, natural rubber latex concentrate prices rose at a much faster rate, from an average of RM4.91/kg at end November 2023 to RM5.66/kg at end February 2024, a spike of 15%. This sharp increase caused a mismatch with average selling prices (ASPs), thereby affecting margins.
On a half yearly basis, the Group registered 1HFY2024 Sales Revenue of RM1.04 billion. Loss After Tax for 1HFY2024 reduced substantially to RM87 million, contracting by an impressive 72% year on year. Meanwhile, its 1HFY2024 EBITDA turned positive, improving 140% to RM50 million year on year.
The group said it is confident to sustain the positive trajectory and return to profitability within the second half of the year
