Top gloves are finally making money!
After 7 consecutive quarters of losses, $TOPGLOV(7113.MY)$ Top Glove's net profit for the third quarter of the 2024 fiscal year finally improved, with a deposit of RM50.67 million.
Meanwhile, revenue for the quarter was recorded at RM636.87 million, an increase of 20% over the previous year.
Looking at the first nine months, revenue declined slightly by 5.64% to RM1,680.67 million; cumulative losses also narrowed sharply from RM463.49 million a year ago to RM58.23 million.
Lin Jiangyuan, managing director of Top Gloves, believes that the company has successfully overcome the extremely challenging business environment, is now more powerful, streamlined and efficient, and has sufficient capacity to regain market share and regain a leading position.
However, the stock price of Top Glove hasn't improved much.
As of 3:30 p.m., the top gloves were reported at RM1.14, down 3 cents or 3.42%, with a turnover of 105.83 million shares, making it the third most popular stock.
Source: Nanyang Siang Pao
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Adjusting to park inside gates 690-700

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