PETALING JAYA: Top Glove Corp Bhd reported a 43.8% increase in net profit to RM105.45 million for the first quarter ended November 30, 2017 compared with RM73.32 million in the previous corresponding period, driven by strong demand growth in both the developed and emerging markets. 

Revenue was up 19.4% from RM785.58 million to RM938.12 million, the highest ever quarterly sales for the group. 

Top Glove said in a filing with the stock exchange that it will continue to expand its operations to build one to two factories every year. Its factory 31 and 32 are expected to be operational by December and May 2018 respectively. 

Upon completion, this will boost the group's total number of production lines by an additional 78 lines and production capacity by 7.8 billion gloves per annum. 

"By December 2018, Top Glove is projected to have 31 glove factories, 628 production lines and a production capacity of 59.7 billion gloves per annum." 

The group noted that preparations for its condom manufacturing facility have also started, with operations expected to commence by June 2018. 

In a bid to expand more expeditiously and efficiently, Top Glove will also continue to explore mergers and acquisitions, as well as new set-ups in synergistic industries. 

As at end-November, it was at a positive net cash position of RM80 million. 

At 12.30pm, its shares gained 20 sen or 2.9% to RM7.14 on some 3 million shares done. 

The Sun Daily