Comfort Gloves expects local firms to maintain resilience
PETALING JAYA: Comfort Gloves Bhd (CGB) expects local glove manufacturers to be well-positioned to maintain their resilience despite ongoing global trade uncertainties, bolstered by favourable US import tariffs that provide a competitive edge over other major Asian exporters.
'While the sector is currently managing short-term pressures including anticipated sequential sales declines due to intensified global competition and potential market share adjustments in the European Union, the industry's fundamentals remain strong,' the company said in a filing with Bursa Malaysia yesterday.
For its first quarter ended March 31, 2025, it reported a net loss of RM10.62mil, compared with a net loss of RM10.63mil a year earlier.
'This was mainly attributed to significant reduction in foreign exchange gain by RM5mil, lower inventory provision and written down of RM2.5mil as well as a lower recognition of deferred tax credit amounting to RM2.8mil,' it said.
Revenue during the quarter rose to RM106.61mil from RM67.21mil in the previous corresponding quarter.
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