Top Glove third quarter profit vaults to US$495.6m

Malaysia's Top Glove Corporation Bhd reported on Wednesday a 485 percent jump in third-quarter net profit as the coronavirus disease pandemic drove continued strong demand for gloves, Reuters reports.

The world's largest medical glove manufacturer had posted record profits for the prior four straight quarters, bolstered by people using more gloves due to increased hygiene awareness in the pandemic.

In a stock exchange filing, the firm said net profit for the March-May period jumped to 2.04 billion ringgit (US$495.63 million) from 347.9 million ringgit a year ago. UBS had forecast a profit of 2.54 billion ringgit, according to Refinitiv data.