Core net profit for the 4QFY2022 fell by 99.4% y-o-y to RM3.4 million excluding losses of RM56 million (inventory write-down to net realisable value). The quarter’s core net profit contributed to the group’s FY2022 core net profit of RM465 million, down 94.1% y-o-y.
CGS-CIMB Research analyst Walter Aw has retained his “reduce” call on Top Glove Corporation after the group posted its results for the 4QFY2022 and FY2022 ended August.
During the 4QFY2022, Top Glove reported a loss of RM52.6 million ($16.3 million), bringing its total earnings for the FY2022 to RM236.0 million, 96.9% lower y-o-y. The figures were due to the weak average selling prices (ASPs) and a decline in sales volume. Top Glove also incurred margin compression from higher operating costs such as hikes in both minimum wage and natural gas costs.
