$TOP GLOVE CORPORATION BHD(BVA.SI)$ booked a lower profit attributable to owners of the parent of 15.3 million ringgit ($3.5 million), or 0.0019 ringgit per share, in the fiscal third quarter, compared with 2.04 billion ringgit, or 0.2542 ringgit per share, a year ago.

Revenue for the three months ended May 31 dropped 65% year over year to 1.47 billion ringgit from 4.16 billion ringgit a year ago, as the COVID-19 pandemic transitions into an endemic, resulting in lower demand for products.

An increase in production cost amid global inflation and the Russia-Ukraine conflict that has driven the crude oil prices up were also cited as the reasons for lower revenue.

The dual-listed glovemaker did not propose any dividend for the reporting period.