Quick take: Comfort Gloves shares up on record profit

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KUALA LUMPUR: Comfort Gloves Bhd rose over 2.7% in early trade after posting its highest ever quarterly net profit in the first quarter ended April 30, 2021.

The glove maker added 2.79%, or six sen to RM2.21 with 3.2 million shares done. It has fallen some 24% so far this year.

Comfort Gloves posted its highest ever quarterly net profit of RM219.13mil in the first quarter ended April 30, 2021 due to higher sales volume with significantly higher average selling price and better economies of scale.

It said the earnings surged 1, 241% from RM16.34mil a year ago as these factors helped its margin improve from 11% to 40%.

Its revenue for the quarter rose by 254% to RM541.24mil from RM152.91mil a year ago. Earnings per share were 37.75 sen compared with 2.8 sen. It declared an interim dividend of five sen a share.

The group declared an interim dividend of four sen, to be paid on July 22.



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