said its near term financial prospects remained strong after the company posted its best ever quarterly performance.
The company told Bursa Malaysia today that shipping delays due to port congestions and slow container turnaround in the last quarter ended Jan 31, 2021 (Q4FY21) has resulted in higher than usual glove stockpile going into the first quarter of this year. The ripple effect of the shipping situation has caused higher inventory than usual and 25% of shipments in this quarter to be delivered to 1st Quarter of the financial year ended 2022 (1QYE22), it said.
Despite the delays, Comfort Gloves continued to post another record quarterly profits, thanks to rising selling prices.
Glove stocks make strong rebound ahead of earnings results thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
Selling pressure on the glove stocks has yet to dry up, wiping off market capitalisation of RM27.65 billion from the big four manufacturers, namely Top Glove Corp Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd and Kossan Rubber Industries Bhd.
Glove counters rebounded this morning with Supermax Corp Bhd, Careplus Group Bhd, Comfort Gloves Bhd and Top Glove Corp Bhd on the list of top gainers. Supermax was at the top of the top gainers list on Bursa Malaysia this morning. Just before lunch break, it ended at 3.75% or 22 sen to RM6.08.
Investors pulled the brakes on short selling of Top Glove Corp Bhd after days of a social media-driven retail frenzy. According to data provided by Bursa Malaysia on regulated short selling (RSS), investors did not make any RSS transactions on Top Glove yesterday. Incidentally, they did not engage in any RSS on any other glove counters, save for Hartalega Holdings Bhd and Comfort Gloves Bhd.