Top Glove Corporation Bhd's net profit for the six months ended Feb 29, 2012 (1HFY12) improved 39 per cent to RM86.65
million from RM62.27 million in the previous corresponding period.

Revenue for the period rose 13 per cent to RM1.104 billion from RM976.71 million previously, Top Glove said in a statement.

In the second quarter to Feb 29, 2012, net profit surged 109 per cent to RM54.2 million from RM25.9 million a year ago while revenue grew 13 per cent to RM549.0 million.

Group chairman Tan Sri Lim Wee Chai commented that the stronger US dollar and lower latex prices gave the company better net profit in the second quarter.

"We shall remain cautious to continue with our planned strategy for a more balanced product mix of latex and nitrile gloves to cater to ongoing customer preference," he said.

Latex prices are expected to stay above RM7 per kg in the short-term due to Thailand's intervention to support rubber prices, coupled with the wintering season from February to May 2012.

"Continued volatility in foreign exchange market is expected, however, our exisitng hedges should provide reasonable protection through the second half of FY2012," he added. -- Bernama