Top Glove Corporation Berhad (SGX: BVA) is not having an easy time.
The world’s largest glove maker is facing strong headwinds as the pandemic recedes and the world is left with an abundant oversupply of rubber gloves.
From a high of S$3.10 back in August 2020, Top Glove’s share price has plunged by 91.3% to its current S$0.27.
The glovemaker’s share price is now even lower than the S$0.51 it traded at the beginning of the pandemic.
Top Glove recently released its fiscal 2023’s third quarter (3Q FY2023) earnings for the period ending 31 May 2023.
Unsurprisingly, it was another set of downbeat numbers as the group continued to bleed red ink.
We review its latest numbers to see if it can pull off a turnaround anytime soon.
An operating and net loss
Revenue for the quarter came in at RM 530.6 million, a 64.5% year-on-year plunge from the prior year’s RM 1.5 billion....