Afternoon trading on Bursa Malaysia saw a sharp decline in Top Glove shares after being hit by its poor third quarter earnings report.
Top Glove fell 11% to 97 sen, becoming one of the most actively traded stocks with a trading volume of 108.56 million at the time of writing.
In the third quarter ending May 31, 2023, the glove maker reported a net loss of RM130.59 million compared to a profit of RM15.29 million recorded in the same period a year ago.
However, quarter-on-quarter, the net loss was lower at RM130.59 million in the third quarter, better than last year's fall of RM164.67 million.
The improved figure was supported by an increase in average selling price (ASP) of gloves and quality and cost optimization to streamline its operations.
While revenue for the quarter was reported to have fallen to RM530.62 million from RM1.49 billion a year earlier.
For the accumulated nine-month period, Top Glove recorded a net loss of RM463.49 million, compared to a net profit of RM288.5 million a year earlier.
Revenue also shrank 61.2% to RM1.78 billion from RM4.58 billion for the period.
