Latex gloves on hand-shaped molds move along an automated system on the production line at a Top … [+]
© 2015 Bloomberg Finance LP
Top Glove—controlled by billionaire Lim Chee Wai—said Friday profit for the fourth-quarter slumped 48% as sales of rubber gloves declined following a temporary ban in the U.S. amid allegations of forced labour at its factories.
Net profit dropped to 607.9 million ringgit ($146 million) in the three months ended August 31, from 1.2 billion ringgit the year before, the company said in a filing to Bursa Malaysia. Sales dropped 32% to 2.1 billion ringgit during the period as demand for gloves normalized following an accelerated rollout of the Covid-19 vaccines around the world, it added. The company posted record earnings at the height of the pandemic last year as demand for the protective gear surged.
A year-long ban of Top Glove’s products in…
