Top Glove narrows Q1 loss, credits operational improvements and eyes sustainable recovery

TOP Glove Corp Bhd reported a narrowed net loss of RM57.71 million for the first quarter ended Nov 30, 2023 (1Q24), compared to a net loss of RM157.62 million in 1Q23.

The world’s largest glove maker attributed this improvement to enhanced operational, quality, and cost optimisation efforts.

Quarterly revenue decreased to RM493.56 million from RM632.53 million.

Top Glove credited increased sales volume for the positive impact on the bottom line.

The company, which did not declare any dividends, is actively addressing new obligations under the European Union Deforestation Regulation (EUDR) starting December 30, 2024.

Top Glove’s focus for the future includes strengthening its core glove business through quality and cost-enhancement initiatives.

Its MD, Lim Cheong Guan, expressed optimism about a sustained recovery in the coming quarters. — TMR