Top Glove net profits soar in Q2

The rubber glove manufacturer reported a 24-fold increase in profits.

Malaysia-based Top Glove posted a massive increase in profits.

In a bourse disclosure, the rubber glove manufacturer reported a net profit of MYR 2.87m for the second quarter (December 2020 - February 2021), a surge from the MYR 115,700 earned in the same period last year.

The company attributed this to the increased global demand for gloves to protect healthcare workers and the like during the pandemic.

"Our unprecedented performance also speaks to the effectiveness of our ongoing technologydriven improvement initiatives, which focus on quality and cost efficiency, and have enabled us to meet the increase in glove demandefficiently and effectively," said Top Glove managing director Lee Kim Meow.

Shares of Top Glove traded flat at the Singapore Stock Exchange Tuesday, closing at $1.69 per share.