TOP GLOVE CORPORATION recorded higher Net Profit and Revenue for 2QE Feb 2009 due to lower commodity prices and a favourable forex despite a challenging economy.
For 2QE Feb 28, 2009, Net Profit increased 22% to RM36m from RM29.5m a year earlier due to an 8% increase in Revenue to RM346.5m. Basic earnings per share improved to 12.22 sen from 9.96 sen previously.
1HE FEB 2009 RESULTS
For 1HE Feb 2009, Net Profit rose 19% to RM70.2m while Revenue was 11.5% higher at RM732.6m.
The Company explained that " .... the decline in oil price, latex price and favourable exchange rate also further improved the Group's profitability ....".
NET CASH AT RM183M
The Group continued to strengthen its Balance Sheet and Working Capital position with Net Cash position of RM183.1m as at Feb 28, 2009. Debtors and Inventory Turnover Days had also improved.
NEW PRODUCTION LINES
TOP GLOVE was targeting to commission its Factory 19, located in Klang, by Jun 2009. The factory has 16 new and advanced glove production lines.
The Company's two latex plants in Thailand have also completed installing the additional eight latex centrifuge machines in order to supply additional latex concentrate to the increasing demand from the Group's glove manufacturing factories.
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