KUALA LUMPUR (Sept 19): Comfort Gloves Bhd reported a net profit of RM9.07 million or 1.62 sen per share for the second quarter ended July 31, 2017 (2QFY18), which is less than half the RM18.85 million or 3.37 sen per share recorded in 2QFY17.

The glove maker said it received an insurance claim of RM12.14 million in 2QFY17 as compensation for losses incurred due to a fire in its warehouse in Taiping in March 2016.

Excluding the one-off gain, the group's core 2QFY18 net profit was up 36.5% from RM6.64 million in 2QFY17, the group said in a filing today.

Quarterly revenue jumped 79.33% to RM114.6 million, from RM63.9 million previously, thanks to higher sales.

For the first six months of the financial year, Comfort Gloves's net profit more than doubled to RM19.21 million, from RM9.4 million in the same period of the previous year. Half-year revenue was up 79.25% to RM208.3 million from RM116.2 million.

The glove maker said it is still committed to rationalising its operations through continuous cost reduction effort. "This remains in line with the company's plan to continue to grow organically in step with market demand," it said.

Comfort Gloves's share price closed 2.14% or 2 sen higher at 95.5 sen, giving it a market capitalisation of RM533.65 million.