By Jiahui Huang
Top Glove Corp. Bhd. reported a narrower loss for the first quarter of its fiscal year, thanks to its cost control efforts.
In the quarter ended November 30, the Malaysian glove maker posted a net loss of MYR57.7 million ($12.3 million), compared to a net loss of MYR168.2 million in the same period last year.
First-quarter revenue fell to MYR493.45 million from MYR632.5 million, according to Top Glove.
The company attributed the reduced net losses to ongoing operational, quality, and cost optimization measures that helped counteract higher raw material prices.
During the quarter, Top Glove's sales volume increased by 5% to MYR493 million. The rise in sales volume, coupled with improved utilization and efficiencies, also contributed to the company's improved financial position.
Despite facing current challenges, Top Glove remains optimistic about the long-term demand for gloves. They anticipate a global glove demand growth of approximately 8% in the future.
"We are pleased to have started the new financial year 2024 on a better note. Moving forward, our focus will remain on strengthening our core glove business through quality and cost enhancement initiatives, ensuring that we are well-positioned to sustain our performance improvement and accelerate our recovery," stated Top Glove Managing Director Lim Cheong Guan.