Top Glove widens loss to $86.7m in 4Q23
In 3Q23, the company only recorded a loss of $11.8m.
Top Glove widened its losses in 4Q23, recording a loss attributable to owners of RMB463.1m ($86.7m) in 4Q23, up from its 3Q23 loss of RMB63m ($11.8m).
In the same quarter, the company recorded a loss after tax of RM454m ($85m).
In a bourse filing, Top Glove attributed its wider loss after tax to a “one-off impairment on goodwill, property, plant and equipment amounting to RM389m ($72.8m).
Excluding impairment, Top Glove’s 4Q23 performance would have improved with a narrower Loss After Tax of RM65m ($12.2m).
Despite wider losses, Top Glove remains positive about its business.
“Looking ahead, the Group believes that inventory build-up from the pandemic is very close to bottoming out following lower glove demand over the past two years. Conversely, glove consumption has increased post-pandemic on the back of elevated levels of hygiene and health awareness. With this, we believe that glove demand will pick up gradually going forward”, said Lim Cheong Guan, managing director of Top Glove.
(RMB5.34 = SGD 1)