SINGAPORE (Oct 12): Malaysian glovemaker Top Glove Corporation saw 4Q16 earnings fall 36.1% to RM65.6 million ($21.6 million), or 5.24 sen per share, from a year ago.

For the three months ended August, revenue inched up 1.8% to a record RM722.1 million from the preceding year while profit before tax fell 43.6%.

The drop in profitability came on the back of a challenging environment in 2H16, as tailwinds from 1H16 gradually turned to headwinds.

Increased competition in the second half of the financial year also led to a downward revision of the average selling price, while volatility in raw material prices and forex created a mismatch in the cost pass-through system.

For the full year ended August, earnings rose 29% to RM361.1 million on the back of 15.1% rise in revenue to a record RM2.9 billion.

Final dividend per share grew to 8.5 sen from 6 sen last year.

Shares of Top Glove closed 2 cents higher at $1.60.

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