SINGAPORE -- Rubber glove manufacturers in Malaysia have come down hard from their pandemic highs, as the industry struggles to adjust to a drop-off in COVID-19-related demand on top of rising energy costs.
Market leader Top Glove on Tuesday reported a 97% plunge in net profit to 235.97 million ringgit ($53.7 million) for the fiscal year ended last month, and a 52.58 million ringgit net loss for June through August, its first quarter in the red since its 2001 listing. Its shares touched a roughly seven-year low that day.
