Remember the LORD for it is he who gives you the ability to produce wealth and so confirms his covenant... Deut. 8:18

Wednesday, January 13, 2010

Top Glove raises selling prices as production cost increases

KUALA LUMPUR: The world’s largest glove maker Top Glove Corp Bhd is increasing its selling prices in tandem with the rising cost of production, in particular higher latex price, said its chairman Tan Sri Lim Wee Chai.

There has been a steady increase in the cost of production, in particular the price of latex, which has jumped by 110% in a little more than a year to RM6.30 per kg on Jan 7 this year from the low of RM3 per kg in December 2008. “For every 10% increase in the price of latex for example, (it) will increase our total cost of production by at least 5%, so we have to adjust the selling price accordingly. “In the last three months, we have revised upwards our selling prices three to four times to cope with the cost increase, and we’re now reviewing the price every month,” Lim said in a briefing to the press, analysts and fund managers here yesterday.

“Demand for medical gloves remains resilient, and we are confident of maintaining our annual cumulative annual growth rate 37% achieved in the last 19 years,” Lim said.
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