The RM389 million impairment was due to an operational rationalisation exercise, says the group.
PETALING JAYA: Top Glove Corporation Bhd has posted a quarterly net loss of RM463.15 million in the fourth quarter ended Aug 31, 2023 , seven times larger than the RM63 million net loss in Q4 FY2022.
“The impairment was recognised following the operational rationalisation exercise and a review of the group’s income-generating assets to strengthen its cost competitiveness,” the filing read. This situation, it said, makes Malaysian rubber glove manufacturers less competitive compared to other countries which produce rubber gloves, as these countries benefit from lower energy costs.
Top Glove managing director Lim Cheong Guan recognised the difficulties faced by the glove manufacturing sector stemming from inventory accumulation during the Covid-19 pandemic.
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