KUALA LUMPUR (Reuters) -Shares in Top Glove Corp fell 9.6% on Wednesday after reporting a 96.9% drop in its second-quarter profit from a year ago, hurt by falling average selling prices of medical gloves as the coronavirus pandemic eases.
Shares of the world’s largest medical glove maker have declined more than 34% this year.
The Malaysia-based company said in a stock exchange filing profit in the December-February period fell to 87.55 million ringgit ($20.94 million), down from a record 2.87 billion ringgit a year earlier.
Revenue fell 73% to 1.45 billion ringgit, the filing showed.
Top Glove, which benefited from soaring demand for gloves during the COVID-19 pandemic, had warned in December of a more challenging business environment with weaker demand and stiffer competition.
The company said on Tuesday it had decided to defer its plans to raise $347 million in a Hong Kong listing given the uncertainties and volatility in equity markets following Russia’s invasion of Ukraine.
(Reporting by Liz LeeEditing by Ed Davies, Robert Birsel)
