KUALA LUMPUR: Major glove manufacturers advanced in the afternoon session on Wednesday, Oct 6 after TOP GLOVE CORPORATION BHD [] announced its financial results for the 4Q ended August 31, 2010.

At 4pm, Hartalega and Supermax added 11 sen each to RM5.11 and RM4.19, Kossan was up five sen to RM3.14 and Top Glove four sen to RM5.70.

Top Glove reported net profit of RM45.06 million in the fourth quarter ended Aug 31, 2010, down 20.6% from RM56.81 million a year ago. Revenue was 27.5% higher at RM541.38 million from RM424.51 million a year ago.

The glove maker said earnings declined despite higher sales due to normalised demand and oversupply of capacity situation.

Earnings per share were 7.3 sen versus 9.39 sen. It declared dividend of nine sen per share compared with 7.5 sen.

For the financial year ended Aug 31, 201, net profit rose 45% to RM245.28 million from RM169.13 million. Revenue increased 35.9% to RM2.079 billion from RM1.529 billion.