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Top Glove posts 2.9% lower 2Q earnings of $35.3 mil despite strong revenue growth

Michelle Zhu
Michelle Zhu3/22/2019 03:22 PM GMT+08  • 2 min read
Top Glove posts 2.9% lower 2Q earnings of $35.3 mil despite strong revenue growth
SINGAPORE (Mar 22): Top Glove has reported RM105.8 million ($35.16 million) in earnings for the 2Q ended Feb, representing a 2.9% y-o-y decline from its 2Q18 earnings of RM109 million due to higher finance costs and taxes, as well as lower associate contr
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SINGAPORE (Mar 22): Top Glove has reported RM105.8 million ($35.16 million) in earnings for the 2Q ended Feb, representing a 2.9% y-o-y decline from its 2Q18 earnings of RM109 million due to higher finance costs and taxes, as well as lower associate contributions.

This brings the group’s earnings for 1H19 to a total of RM215.8 million, up 0.6% on-year from RM214.5 million in 1H18.

Revenue for the quarter grew 21% to RM1.16 billion from RM958.4 million on the back of strong sales volume growth, which exceeded projected global demand by 6 percentage points at 16%, as well as higher average selling price.

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