Worst is likely over for Top Glove: analyst

CGS-CIMB said the manufacturer will soon experience a rise in sales volume.

SGX-listed Top Glove may soon improve its financial performance following increases in sales volume and average selling prices, said CGS-CIMB.

In a statement, the broker said the manufacturer continues to report quarterly losses due to weak operating situations for the glove industry but it will likely be over.

In its current financial statement, Top Glove posted $164.6m net loss but it plans to improve its situation through its long-term plans.

The Malaysian manufacturer attributed losses to lower-than-average average selling prices and was aggravated by higher operating costs.

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