Post Reply
921-940 of 1458
now the price is low. another new pandemic is spreading .... jacky80
from past experience ... no harm to wait while others are not.
from past experience ... no harm to wait while others are not.
U r right, no point liao. Let go now n dun wait another covid23 to come.
jacky80 ( Date: 17-Jun-2023 18:58) Posted:
|
The glove era is over and wait for next pandemic . No point waiting for $0.30 above , time to move on and the results is very clear and wont push the share up .
pls DYODD
pls DYODD
hschsc ( Date: 17-Jun-2023 17:33) Posted:
|
It is a low-tech product with low profit and is easy to be imitated.
investshare ( Date: 17-Jun-2023 17:01) Posted:
|
The future is clear, eroding market share, lower margin, Red Sea, bleeding cash.
Prepare for right issue.
Prepare for right issue.
Not sure can go back 30 cents
Joelton ( Date: 17-Jun-2023 15:20) Posted:
|
Top Glove shares tank in Singapore, Malaysia amid RM130.6m Q3 loss
GLOVE manufacturer Top Glove Corporation : BVA -9.52% on Friday (Jun 16) posted a net loss of RM130.6 million (S$37.8 million) for the third fiscal quarter ended May 31, a turnaround from its earnings of RM15.3 million in the corresponding year-ago period.
The latest quarterly loss took the company&rsquo s net loss for the nine-month period ended May 31 to RM463.5 million. In the corresponding period ended May 31, 2022, it had booked a net profit of RM288.6 million.
Shares of Top Glove, which are listed in Singapore and Malaysia, took a hit on Friday after the financial results announcement. In Singapore, the counter slipped 9.5 per cent or S$0.03 to close at S$0.285. In Malaysia, the stock lost 10.6 per cent or RM0.115 to finish the trading day at RM0.975.
During a call on Friday to discuss the company&rsquo s latest financial results, Top Glove&rsquo s managing director Lim Cheong Guan said the company is likely to post a loss for Q4.
He said the company will adopt a &ldquo step by step&rdquo process in terms of returning to profitability. It will focus on turning positive for its earnings before interest, taxes, depreciation and amortisation (Ebitda) figures, with an emphasis on cash flows.
Top Glove will also look to offset any increases in expenses with an improvement in profitability in the coming quarters, he said.
Based on the company&rsquo s cash balance and its cash burn rate, Lim said Top Glove will be able to pull through &ldquo more than one year&rdquo of losses.
Revenue for the third quarter fell 64.4 per cent year on year to RM530.6 million.
No dividend was proposed by Top Glove&rsquo s board of directors for the quarter under review.
On a quarter-on-quarter basis, the company&rsquo s loss after tax narrowed to RM120 million in Q3 FY2023, from RM155 million in Q2 FY2023. This came on the back of a 6 per cent increase in the average selling price (ASPs) of gloves.
Top Glove also attributed the quarter-on-quarter reduction to post-tax loss to its &ldquo quality and cost-optimisation initiatives to streamline operations&rdquo . It added that these measures include the decommissioning of obsolete production lines and temporary stoppage of production at 17 of its 49 factories, in light of softer global demand for gloves.
The decommissioning of production lines eased the group&rsquo s production capacity by five billion gloves, bringing its total production capacity to 95 billion gloves. The group also implemented a manpower-restructuring exercise.
Lim said Top Glove has streamlined its workforce from a peak of 23,000 to 24,000 workers to about 12,000 workers currently.
He added that the company will study the market and industry, and decide if it should further consolidate its production.
Raw material prices for the third quarter rose from the preceding quarter. Average natural latex concentrate prices were up 2 per cent to RM4.78 per kilogram the average nitrile latex price rose by 7 per cent to US$0.92 per kilogram. Natural gas prices, on the other hand, fell 14 per cent.
Top Glove said it is mindful that being the first to increase glove prices will have an impact on its sales volume.
&ldquo However, as glove manufacturers are unable to fully absorb rising costs indefinitely, this is a necessary step for the long-term sustainability of the glove industry,&rdquo it said.
The company has also put in place a &ldquo six-point comeback strategy&rdquo to chart its path to recovery. The six pillars of the company&rsquo s turnaround plan are boosting sales volume enhancing quality consolidating facilities enhancing people productivity strengthening cashflow position and optimising its supply chain.
Top Glove said the business environment is expected to remain challenging and competitive throughout the second half of this year. However, it said it is optimistic on its long-term prospects as gloves continue to be an essential single-use item in the healthcare and food industries.
Lim noted that while there has been an oversupply of gloves and customer stockpiling over the past two years, glove consumption itself has not decreased.
&ldquo As customers&rsquo and manufacturers&rsquo glove inventories are close to depletion, replenishment activity is expected to commence in the second half of the 2023 calendar year, spurring an uptick in glove demand,&rdquo he said.
Competitor companies &ndash which are other glovemakers in China, Thailand and Malaysia &ndash have been competing for market share.
Top Glove&rsquo s executive chairman Lim Wee Chai said the company has a market share of 20 per cent to 25 per cent in natural rubber gloves. The price gap between players in the three countries has also narrowed, he said, as glovemakers in China have raised their prices.
During pandemic many suppliers and new entrants joined, till the loss killed the competitors especially those small companies, major players reduce the supply, then asp will rise.
Estimate, 2024 maybe can see improvement. By then, the accumulated stocks built during pandemic should be also depleted.
Estimate, 2024 maybe can see improvement. By then, the accumulated stocks built during pandemic should be also depleted.
Top Glove sees positive impact from higher ASPs, cost optimisation
KUALA LUMPUR: Top Glove Corp Bhd recorded a sequentially improved bottomline in its third financial quarter following an increase in the average selling price (ASP) of its gloves and quality and cost optimisation initiatives to streamline its operations.
According to filings with the stock exchange, the glove maker' s net loss in 3QFY23 was RM130.59mil, an improvement from the net loss of RM164.67mil recorded in 2QFY23.
However, the result of the quarter under review remained a far cry from the net profit of RM15.29mil recorded in the same quarter of 2022.
Revenue in 3QFY23 was RM530.62mil, down from RM1.49bil in the same quarter last year, and RM618.01mil in the immediate preceding quarter.
" While we may be in a loss position, it is encouraging that the quantum of operational losses has reduced from the previous quarter, arising from ASP increases and our quality and cost rationalisation initiatives.
" Guided by our six point turnaround strategy, we will continue to navigate the challenging business environment by improving our sales revenue, enhancing quality, eliminating wastage, optimising resource allocation, trimming expenditures and streamlining our processes, towards greater financial efficiency and sustainability," said Top Glove managing director Lim Cheong Guan in a statement.
He added that the recent workforce rationalisation exercise undertaken following the temporary stopping of production at some factories to reduce the glove oversupply situation, was an important step towards the group&rsquo s continual endurance and competitiveness in the long term.
Top Glove had decomissioned obsolete production lines and temporarily stopped production at 17 out of its 49 factories, in light of the softer global glove demand.
It said the decommissioning of production lines eased the group&rsquo s production capacity by five billion pieces of gloves, bringing its total production capacity to 95 billion pieces of gloves.
Lim said the business environment is expected to remain challenging and competitive throughout the second half of 2023, but remains optimistic on its long-term prospects as gloves remain an essential item for single usage in the healthcare and food industries.
&ldquo As customers&rsquo and manufacturers&rsquo glove inventory is close to depletion, replenishment activity is expected to commence in the second half of calendar year 2023, spurring an uptick in glove demand.
" With this, alongside our T6 turnaround initiatives and measured increases in ASPs, we are hopeful of seeing a steady improvement and better days ahead,&rdquo he said.
No wonder drop until x20 cents Monday still can fetch a better price and let it go
rlong8288 ( Date: 16-Jun-2023 19:20) Posted:
|
Losses is still losses
hschsc ( Date: 16-Jun-2023 17:55) Posted:
|
TOP GLOVE DELIVERS IMPROVED PERFORMANCE AS LOSSES DECLINE Shah Alam, Friday, 16 June 2023 Top Glove Corporation Bhd or &ldquo Top Glove&rdquo today announced its financial results for the Third Quarter ended 31 May 2023 (3QFY2023), registering an improved set of results with a decline in sequential operational losses, driven by increased average selling prices (ASPs) as well as ongoing quality and cost optimisation measures. For 3QFY2023, the Group registered Sales Revenue of RM531 million, while Loss After Tax was RM120 million, which has improved from its Loss After Tax of RM155 million in 2QFY2023.
Still got shares with me hope good news
Johnsnow ( Date: 16-Jun-2023 17:16) Posted:
|
1pm halt what happens ?
investshare ( Date: 16-Jun-2023 14:51) Posted:
|
The support from shareholders is important.
investshare ( Date: 15-Dec-2022 08:14) Posted:
|
Anylysts alrdy predicted no profits for the next few years at least.. technically burning cash.. pple who bought this at high reminds me of those who bought COSCO during the hey days at $8 per share in 2007
The two (2) links as below are the 3QFY2023 financial results announced by Top Glove.
https://klse.i3investor.com/web/staticfile/view/503922
https://klse.i3investor.com/web/staticfile/view/503923
https://klse.i3investor.com/web/staticfile/view/503922
https://klse.i3investor.com/web/staticfile/view/503923
Results announced
Trading halt pending release of Q3 results
no action today