Top Glove Corp Bhd's pre-tax profit in the first quarter ended Nov 30, 2011 slipped to RM41.59 million from RM44.41 million in the same quarter of 2010.
Revenue, however, rose to RM554.84 million from RM491.51 million previously.
In a statement today, its chairman, Tan Sri Lim Wee Chai, said the retracement in latex prices and the stronger greenback delivered a generous boost to the group's earnings.
"With the improved performance, our cash flow continues to strengthen, allowing us to expand capacity and invest in efficiency improvement," he said.
The group's net cash position increased by 24.9 per cent to RM317.55 million as at Nov 30, 2011, he said.
He said in this quarter, with the completion of new facilities, the total group capacity has expanded to around 37 billion pieces of gloves per annum.
Lim said the downtrend in latex prices would likely be sustained given the uncertainty in the European debt crisis and the expectation of a slowdown in the global economy going into 2012.
"Nevertheless, we are still continuing with our strategy of achieving a more balanced product mix by increasing our production of nitrile gloves," he said. -- Bernama
Revenue, however, rose to RM554.84 million from RM491.51 million previously.
In a statement today, its chairman, Tan Sri Lim Wee Chai, said the retracement in latex prices and the stronger greenback delivered a generous boost to the group's earnings.
"With the improved performance, our cash flow continues to strengthen, allowing us to expand capacity and invest in efficiency improvement," he said.
The group's net cash position increased by 24.9 per cent to RM317.55 million as at Nov 30, 2011, he said.
He said in this quarter, with the completion of new facilities, the total group capacity has expanded to around 37 billion pieces of gloves per annum.
Lim said the downtrend in latex prices would likely be sustained given the uncertainty in the European debt crisis and the expectation of a slowdown in the global economy going into 2012.
"Nevertheless, we are still continuing with our strategy of achieving a more balanced product mix by increasing our production of nitrile gloves," he said. -- Bernama
