March 19, 2020 / 5:38 AM / 16 days ago

BRIEF-Top Glove Corporation Says Qtrly Net Profit 115.7 Mln RGT

March 19 (Reuters) - Top Glove Corporation Bhd:

* QTRLY NET PROFIT 115.7 MILLION RGT

* YEAR AGO QTRLY REVENUE 1.16 BILLION RGT, YEAR AGO QTRLY NET PROFIT 105.8 MILLION RGT

* PLANS TO BOOST GROUP’S TOTAL NUMBER OF PRODUCTION LINES BY ADDITIONAL 150 LINES & PRODUCTION CAPACITY BY 17.7 BILLION GLOVES P.A

* TO CONTINUE TO EXPAND OPERATIONS IN LINE WITH GROWING GLOVE DEMAND GLOBALLY IN VIEW OF ONGOING COVID-19 OUTBREAK

* WILL CONTINUE TO EXPAND OPERATIONS IN LINE WITH THE GROWING GLOVE DEMAND GLOBALLY, PARTICULARLY IN VIEW OF COVID-19

* WITH CURRENT UTILISATION LEVELS ABOVE 90%, CO ABLE TO FURTHER RAMP UP PRODUCTION CLOSE TO 100%, TO MEET SURGE IN DEMAND

* BY DEC 2021, CO PROJECTED TO HAVE TOTAL OF 861 PRODUCTION LINES & PRODUCTION CAPACITY OF 91.1 BILLION GLOVES PER ANNUM

* GOING FORWARD, GROUP ENVISIONS VERY SOLID QUARTERS AHEAD

* GROUP EXPECTS ITS INTEREST COSTS IN THE COMING QUARTERS TO REDUCE SIGNIFICANTLY

* DEMAND FOR GLOVES EXPECTED TO CONTINUE TO GROW BY AT LEAST 10% EVERY YEAR

* ALREADY SECURED EXCEPTIONALLY LARGE SALES ORDERS FOR NEXT FEW MONTHS ON BACK OF COVID-19 OUTBREAK

* IN RECENT WEEKS, RECEIVED STRONG SALES ORDERS FROM EUROPE, US,OTHER COUNTRIES WHICH HAS SEEN GROUP’S SALES ORDER BOOK DOUBLE

* ADOPTED A DIVIDEND POLICY TO DECLARE AND PAY ANNUAL DIVIDENDS OF 50% OF PROFIT AFTER TAX & MINORITY INTEREST FOR FUTURE FINANCIAL YEARS Source text: (bit.ly/3d8UNRb) (bit.ly/2wad7Ji) Further company coverage:

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