KUALA LUMPUR : Top Glove Corp Bhd's net benefit fell 36.1% to RM65.64 million or 5.24 sen a partake in the fourth money related quarter finished Aug 31, 2016 (4QFY16), from RM102.76 million or 8.31 sen a share a year prior, on a lower normal offering value (ASP) and instability in crude material costs and outside trade (forex).
In any case, income was up by a minor 1.8% to RM722.11 million from RM709.45 million.
In a recording with Bursa Malaysia yesterday, the world's biggest elastic glove producer said the less good examination returned on the of a testing domain in the second 50% of the monetary year finished Aug 31, 2016 (2HFY16), as tailwinds from 1HFY16 step by step transformed into headwinds.
"Expanded rivalry in 2HFY16 likewise prompted a descending update of the normal offering cost, while unpredictability in crude material costs and forex made a confuse in the cost go through framework," it clarified.
By the by, the gathering is prescribing a last profit of 8.5 sen for every share for FY16, subject to endorsement in the expected yearly broad meeting. This would bring the aggregate profit payout for the year to 14.5 sen.
For the 12-month time span (FY16), its net benefit hopped 29% to a record RM361.05 million or 28.85 sen a share, from RM279.78 million or 22.61 sen a share the earlier year, while income additionally climbed 15.1% to a record RM2.89 billion in FY16, from RM2.51 billion in FY15.
As at Aug 31, 2016, the gathering had a net money position of RM303.7 million.
Beat Glove said the volume sold was at an unsurpassed high, despite increasing rivalry and estimating weight.
"The solid change in FY16 results was ascribed to a few change activities which had demonstrated instrumental in upgrading quality and cost proficiency. A more grounded US dollar, and additionally bring down crude material costs prior in the monetary year, likewise helped the gathering's execution," it included.
Going ahead, Top Glove said it stays energetic on the glove business viewpoint, given that interest for gloves is flexible, and anticipated the business to become soundly at 6% to 8% consistently.
On its part, Top Glove stays in extension mode. The extension of Factory 27 in Lukut, Port Dickson, was finished in August, while that of Factory 6 in Thailand is relied upon to be finished in November.
Industrial facility 30 in Klang, in the interim, is required to begin generation by April 2017, presenting to Top Glove's aggregate creation lines to 540 and a generation limit of 52.4 billion bits of gloves for each year.
"Best Glove will keep on pursueing merger and securing openings that synergise with its present business, both in comparable or related ventures," it said.
Partakes in Top Glove quit for the day sen or 1.01% at RM5 yesterday, bringing a market capitalisation of RM6.26 billion.
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