SHAH ALAM, Malaysia—Top Glove Corp. again delivered a record quarter, posting a four-digit growth in profit after tax for the three months ended Feb. 28.
The Malaysian group saw revenue increase 336 percent year-on-year to $1.3 billion for the second quarter of the 2021 fiscal year, while profits soared 2,400 percent to $704 million from $28 million reported in 2019.
In a March 9 statement, the Shah Alam-based manufacturer linked the increase to the continued "soaring global demand" for gloves, high utilization levels, production efficiency, and increased average selling prices (ASPs) in line with market pricing.
While sales volume for the three months rose 19 percent year-on-year, the figure was down 8 percent sequentially due to temporary stoppages at the Meru, Klang factories in November and December last year, Top Glove said.
For the first half of the financial year, the Malaysian group's profits surged 2,220 percent to $1.3 billion, on 315 percent higher sales of $2.5 billion.
