Top Gloves net profit fell 31% to 10.47 million yuan in the third quarter

As of the first three quarters of fiscal year 2025 at the end of May, the company's revenue increased by 55% year-on-year to RM2.599.79 million. The company also turned losses into profits during this period, with net profit reaching RM70.5 million.

The company's revenue increased by 30% year-on-year to RM830 million, and sales increased by 45%.

Top Gloves are a glove manufacturer listed on the Kuala Lumpur Exchange mainboard and are listed on the Singapore Exchange for the second time. The company announced its results on Thursday (June 26).

Top Glove executive director Lin Jiangyuan pointed out in his statement that the company's performance faces significant adverse factors, mainly including a decline in average selling price, intensified competition, and the transfer effect of cost savings. But the company stabilized its profits, which was driven by increased sales.

During the lunch break of top gloves, trading was suspended on the SGX. After the results were released, the transaction was applied for the resumption of the transaction at 1:30 pm. As of 4:00, the top gloves fell 2.22% to SGD 0.22.

He believes that the long-term prospects of the glove industry remain bright because gloves are a necessity in multiple industries, which will help drive continued growth in global market demand.

Lin Jiangyuan said: "This reflects the effectiveness of our continuous efforts to optimize quality and cost efficiency, and also reflects our ability to respond to unpredictable market trends quickly."

The decline in net profit was attributable to intensified market competition, weak US dollar against ringgit, and a boost in oversale earnings in the same period last fiscal year. Group sales are denominated in US dollars and performance is calculated in ringgit.

Against the backdrop of market volatility and high global trade uncertainty, Top Glove's net profit fell 31% year-on-year to RM34.75 million (about SGD10.47 million) in the third quarter of fiscal year 2025 at the end of May.