3 rd Quarter 2010 (01/3/10 to 31/05/10) Financial Results Klang,

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 9 months ended 31 May 2010 has increased by 39% to RM1.54 billion from RM1.10 billion for last year corresponding period. The profit before tax for 9 months and 3 months ended 31 May 2010 comparing to last year’s same period has increased by 85% to RM263.9 million and 53% to RM83.3 million respectively. The group 9 months net profit of RM204.2 million, is 21% higher than the full year profit for financial year 2009 of RM168.1 million.

The Group continues with its strong profit growth momentum as demand for gloves continue to increase, especially from the emerging markets 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 Group announced an interim dividend of 14 sen per share, which is 100% higher than last year’s interim dividend of 7 sen per share. The balance sheet position strengthened further with a net cash position of RM273.0 million and free cash flow of RM147.2 million for the period ended 31 May 2010. The Group had 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 :

b) Consistent growth in revenue with compounded annual growth rate of 36%

 

Prospects

Top Glove, the world’s largest rubber glove manufacturer with its good and established corporate culture, has always strived towards its business direction of consistently producing 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 good profit growth for the 9 months ended 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

 

 

16th June 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