Top latex glove maker hit by virus cases

Top latex glove maker hit by virus cases

Its shares have surged more than four-fold this year, even after Tuesday's fall.

The world's largest maker of latex gloves has racked up record profits this year on sky-rocketing demand for its products and protective gear, thanks to the pandemic.

However, the world's biggest rubber glove manufacturer, in a reply to Bursa Malaysia, said it does not anticipate a penalty from the delay in delivery.

Thousands of workers have tested positive and Malaysia said it was closing 28 factory buildings in phases and quarantining employees in Klang, west of Kuala Lumpur, Reuters reported. The two other major glove making companies, Hartalega Holdings and Supermax Corp, most likely lack the production capacity to cover the delays.

The firm has about 16,000 factory employees and runs 47 factories in Malaysia, Thailand, China and Vietnam, with 36 producing gloves.

"We are committed to proceed with the (health ministry) recommended COVID-19 screening test of the balance (of) workers and staff at our factories in Meru, Klang", it said.

Oxford University COVID-19 vaccine now 70% effective, Egypt reserves large share
Ghebreyesus elaborated on the WHO's Access to COVID-19 Tools (ACT) Accelerator developed in April. He said they had both looked at the data and agreed it was a "very good result".

A worker packs disposable gloves at the Top Glove factory in Shah Alam on the outskirts of Kuala Lumpur, Malaysia. Its main markets are Europe and North America.

MIDF Research analyst Ng Bei Shan said in a note the closures would reduce production capacity by 50 percent, adding that a two-week closure could hurt net income by 4 percent in fiscal year 2021 if average selling prices stay the same.

However, tightened supply may also boost prices, cushioning the impact, she said.

Twelve other facilities are now operating at about 20 per cent capacity and will be temporarily closed in stages for employee testing and full site sanitisation before re-opening.

Ng said the closures had not affected the company's orders and was maintaining her earnings estimates for fiscal 2021.

Last week, the government ordered 14-day curbs through November 30 in parts of a district about 40km west of the capital Kuala Lumpur, where Top Glove factories and dormitories are located.

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