2ND QUARTER 2010 (01/12/09 TO 28/02/10) FINANCIAL RESULTS

 

NOTE TO EDITORS: This Press Statement is issued by Tan Sri Dato Sri Lim,Wee-Chai (Chairman) and Lim Cheong Guan (Executive Director) of Top Glove Corporation Berhad.

Summary of Income Statement :

The Group sales revenue for the 6 months ended 28 February 2010 has increased by 34% to RM982.2 million from RM732.6 million for last year corresponding period. The profit before tax for 6 months and 3 months ended 28 February 2010 comparing to last year same period has increased by 105% to RM180.5 million and 109% to RM93.9 million respectively. For the 3 months ended 28 February 2010, the Group has achieved a net profit of RM72.3 million, which is higher than the 6 months period ended 28 February 2009 of RM70.7 million.

The Group continues with its strong profit growth momentum as it managed to capture additional market share, especially from the emerging countries and also benefiting from cost saving measures implemented at all factories, improvements in product quality, productivity, as well as aggressive marketing strategies to maintain its world number one market position.  

The balance sheet position strengthened further with net cash position of RM269.8 million and free cash flow of RM106.2 million for the period ended 28 February 2010. The Group has fully redeemed the RM35 million bonds before its maturity in December 2010, in view of the strong cash flow position.

The financial results of the Group since financial year 2001 (year of listing) are as follow :

Prospects

Top Glove, the world’s largest rubber glove manufacturer with a vision of “Always Staying At The Top”, with its good and established corporate culture, has always strived towards its business direction of consistently produce top quality gloves with efficient low cost. It has forged ahead strongly with specific efforts undertaken to improve and innovate its glove quality, marketing strategies, productivity enhancement and cost efficiency. Top Glove has more than 900 customers worldwide and exports to more than 180 countries.  

The Group on-going expansion plans are as follow :-

With the Group achieving strong profit growth for the 1st half FY 2010, it will continue to be optimistic of its future outlook despite ongoing challenges such as the increase in raw material cost and weakening of US dollar. With a large customer base spread over more than 180 countries worldwide and with a diversified range of good quality products, coupled with a team of dedicated employees, the Group is confident of continuous growth and good profitable performance in this financial year ended 31 August 2010.

 

 

 

TAN SRI DATO SRI LIM, WEE-CHAI

CHAIRMAN

 

LIM CHEONG GUAN

EXECUTIVE DIRECTOR

 

17th March 2010

 

NOTE

For more information, please contact

i) Mr. Lim Cheong Guan (Executive Director) at 03-3392 1992 ext 220, H/P 012 - 313 1966, E-mail: [email protected]

ii) Mr. Eric Hoo Saw Ho (Special Assistant to Chairman) at 03-3392 1992 ext 398, H/P 019 - 388 6312, E-mail: [email protected]

iii) Visit our website at www.topglove.com.my

 

 

THANK YOU