SINGAPORE/KUALA LUMPUR (REUTERS) – Malaysia’s High Glove stated on Friday (Dec 10) its first-quarter revenue had been practically worn out, including that it anticipated the enterprise surroundings within the instant time period to be difficult.
The world’s largest medical glove maker posted internet revenue of RM185.7 million (S$60.1 million) in the course of the September-November quarter, a plunge of 92 per cent from RM2.36 billion a 12 months in the past.
Income tumbled 67 per cent to RM1.58 billion, its inventory change submitting confirmed.
The corporate stated common promoting costs and demand have been returning to regular after the worldwide rollout of coronavirus vaccine, whereas clients keep cautious on replenishment orders, in expectation of an additional fall in glove costs.
“The group noticed a lower in gross sales quantity within the present quarter, which was attributed to elevated competitors and provide, owing to enlargement by current gamers and entrance of latest gamers,” High Glove stated.
It added that it had step by step regained exports to the US, and anticipated gross sales quantity to enhance in coming quarters.
Final 12 months, the US Customs banned imports of High Glove’s merchandise from Malaysia over accusations of compelled labour at its operations, however lifted the ban in September after a evaluation confirmed High Glove addressed all indicators of compelled labour.
