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Nikkei Markets

Top Glove upbeat on prospects as virus outbreak lifts demand

Quarterly profit rises 9.3% as volume soars

The world’s largest glove maker by volume is set for stronger earnings as the coronavirus pandemic boosts demand for its products.

KUALA LUMPUR (Nikkei Markets) -- Malaysia's Top Glove Corporation Thursday reported a 9.3% annual jump in its fiscal second quarter net profit helped by higher sales volume, and the company guided for better performance in the months ahead as demand for its products soar amid COVID-19 pandemic.

Net profit of the world's largest glove maker by volume for the three months ended Feb. 29 totaled 115.68 million ringgit ($26.25 million) compared with 105.79 million ringgit in the same quarter last year, Top Glove said in an exchange filing. Quarterly revenue jumped 6% year-on-year to 1.23 billion ringgit from 1.16 billion ringgit as sales of nitrile gloves rose.

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