Glove stocks slide as profit-taking kicks in

  • Business
  • Thursday, 21 Dec 2017

KUALA LUMPUR: Glove counters rally hit a speed bump in early trade on Thursday with some profit-taking kicking in.

Hartalega Holdings Bhd, Top Glove Corp and Kossan Resources Industries Bhd, which saw a share price rally recently, lead the decliners’ list on Bursa Malaysia.

Hartalega fell 30 sen, or 2.63% to RM11.10, Kossan eased 28 sen, 3.31% to RM8.18 while Top Glove shed 21 sen, or 2.61% to RM7.84.

On the other hand, COMFORT GLOVES BHD gained five sen to RM1.13 after reported a higher quarterly net profit.

Comfort Gloves’s net profit jumped 44% in its third quarter ended Oct 31, 2017 to RM11.9mil from RM8.29mil a year ago, due to cost savings and capacity upgrades that mitigated impact from higher labour and energy costs.

Its revenue rose 44% to RM106.5mil for the quarter under review, from RM74mil previously.

For the first nine months, Comfort Gloves posted a net profit of RM31.1mil on revenue of RM314.8mil.

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