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Business trends

Malaysian glove makers hit by supply glut and higher costs

Top Glove reports first post-IPO quarterly loss with no upturn in sight

Top Glove and its peers ramped up production in response to the coronavirus pandemic, but now face a supply glut.   © Reuters

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.

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