Quick take: Comfort Gloves shares up on higher Q4 profit

March 27, 2019 editor Comfort Gloves, Stock On The Move

KUALA LUMPUR: Shares in Comfort Gloves Bhd rose 4.32% in early trade Wednesday after the company reported that its earnings doubled in the fourth quarter ended Jan 31, 2019.

The counter added 4.32%, or 3.5 sen to 84.5 sen with 345,200 share done.

Comfort net profit for the fourth quarter ended Jan 31, 2019 almost doubled to RM9.39mil, from RM4.78mil a year ago, when the group distributed RM3.4mil in shares through the employees’ share scheme.

Tts quarterly revenue grew 23% to RM130.55mil, from RM106.36mil a year earlier.

The group has recommended a final dividend of 1.5 sen per share.

For the full financial year ended Jan 31, the group’s net profit fell 22% to RM27.9mil, from RM35.9mil in FY18, due to a one-off logistic cost of RM5.4mil, higher taxation and deferred taxation expenses of RM7.5mil.

Source : TheStar