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Top Glove plans output hike, M&As


MALAYSIA’S TOP GLOVE Corporation Bhd reported a 51 per cent increase in its earnings for the fourth quarter ended August 31, 2017 at 98.62 million ringgit and announced plans to increase production and explore inorganic expansion via mergers and acquisitions.

The world's biggest glove maker, said yesterday the earnings rose by 51 per cent from the 65.32million ringgit a year ago while revenue increased by 24.9 per cent to 902.42 million ringgit from 722.11 million ringgit. 
Earnings per share were 7.87 sen compared with 5.21 sen. It rewarded shareholders with a final dividend of 8.5 sen similar to the previous quarter.
For FY ended Aug 31, 2017, its earnings fell 7.7 per cent to 332.70 million ringgit from 360.73 million ringgit in FY16 during which Top Glove benefited from positive external factors of currency impact and lower raw material prices. 
“The spike in sales volume followed increased sales in all regions, as well as a replenishment exercise by customers, after having put orders on hold in 3QFY17, owing to higher raw material prices. Sales Volume also rose with additional capacity coming on-stream,” it said. 
On the FY17 results, Top Glove said the higher sales revenue was underpinned by an increase in average selling prices (ASP) arising from a surge in raw material prices, as well as a strengthening of the US dollar over the course of FY2017. 
 

Published : October 13, 2017

By : THE STAR ASIA NEWS NETWORK KUALA LUMPUR