Comfort Gloves up 4.32% on firm 4Q earnings, dividend

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KUALA LUMPUR (March 27): Shares in Comfort Gloves Bhd rose 4.32% this morning after its net profit for the fourth quarter ended Jan 31, 2019 (4QFY19) almost doubled to RM9.39 million from RM4.78 million a year ago.

At 9.22am, Comfort Gloves rose 3.5 sen to 84.5 sen with 238,200 shares done.

Comfort Gloves said its quarterly revenue grew 23% to RM130.55 million, from RM106.36 million a year earlier.

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

For the entire FY19, the group’s net profit fell 22% to RM27.9 million from RM35.9 million in FY18, due to a one-off logistic cost of RM5.4 million, higher taxation and deferred taxation expenses of RM7.5 million.