KUALA LUMPUR: Comfort Gloves Bhd registered its best ever quarterly profit in the three months ended July 31 on stronger sales and higher margin.
"The increase emphasis placed on hygiene and sanitation by Covid-19 has led to an increase in the demand for the Group’s speciality premium gloves," the company said in a filing with Bursa Malaysia today.
Comfort Gloves said based on its discussion and feedbacks from partners worldwide, it expects demand for premium gloves to increase further.
"The emphasis on hygiene and sanitation will also not be reduced in the event a vaccine becomes generally available," it said.
Net profit is the second quarter soared to RM42.8mil, or 501% higher compared with RM7.1mil made a year ago.
Revenue rose to RM198mil from RM117.6mil previously.
Comfort Gloves has declared an interim dividend payout of 1.5 sen a share.
To meet the increased demand, the group has begun optimising and streamlining its existing operations to increase productivity and output by 10% this quarter when compared with the 1QYE21.
"The Group intends to continue this process with the goal of achieving an additional increase of 10% by 4QYE21," it said.
In addition to this, Comfort Gloves is adding new production lines that will increase overall capacity by 20% by 1QYE22.
"The current market environment has allowed the Group to work with our partners worldwide to lock in commitments for the purchase of gloves for the next 18 months," it said.
https://www.thestar.com.my/business/business-news/2020/09/07/comfort-gloves-posts-best-ever-quarterly-profit-sees-rising-demand-for-premium-gloves
