Top medical glove maker’s profit slumps as pandemic becomes less intense By Reuters

Top medical glove maker's profit slumps as pandemic becomes less intense By Reuters
2/2 Top medical glove maker's profit slumps as pandemic becomes less intense© Reuters. FILE PHOTO: Newly-made gloves are pictured inside Top Glove factory in Shah Alam, Malaysia August 26, 2020. REUTERS/Lim Huey Teng/File Photo 2/2

By Liz Lee

KUALA LUMPUR (Reuters) -Top Glove, the world’s largest medical glove maker, said its first-quarter profit was nearly wiped out and it expected the business environment in the near term to be challenging as competition intensifies amid slowing demand for its products.

The results, released on Friday, sent the Malaysian company’s shares, already down 60% this year, tumbling another 10%.

With the wave of new COVID-19 Omicron variant spreading globally, Top Glove said buyers were watching out for whether to stockpile gloves again.

“We have not seen the full response of how it has developed all over the world. A lot of our customers are basically on…

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