Corrects gender of speaker in paragraph four and 5 KUALA LU
Corrects gender of speaker in paragraph four and 5
KUALA LUMPUR, Nov 24 (Reuters) – Shares in Malaysia’s High Glove slumped 7.5% on Tuesday, after the federal government mentioned a few of its factories can be closed in phases for COVID-19 screening and quarantine, as greater than 2,000 of its employees examined constructive for the illness.
The Well being Ministry reported a pointy rise in circumstances within the space the place High Glove factories and dormitories are positioned, with 2,453 employees testing constructive for the virus, out of 5,767 screened.
The federal government mentioned 28 manufacturing unit buildings will probably be shut in phases however didn’t present a timetable.
This new growth has not affected the corporate’s orders, MIDF Analysis analyst Ng Bei Shan mentioned in a observe, including she was sustaining her earnings estimates for fiscal 2021.
“The event of the non permanent closure of its services in phases continues to be fluid. As such, the precise influence to High Glove’s full-year earnings could also be arduous to determine at this level,” she mentioned.
In a inventory change submitting on Monday, High Glove mentioned it had briefly stopped manufacturing at 16 services since final Wednesday, with the steadiness of 12 services working at a lot decreased capacities.
The world’s largest maker of latex gloves has racked up report earnings this 12 months on sky-rocketing demand for its merchandise and protecting gear, due to the pandemic.
Final week, the federal government ordered 14-day curbs by Nov. 30 in elements of a district about 40 kms (24.eight miles) west of the capital Kuala Lumpur, the place High Glove factories and dormitories are positioned.
(Reporting by Liz Lee; Enhancing by Tom Hogue and Neil Fullick)
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