Comfort Gloves for Q1 recorded revenue of RM89.6 million with loss after tax of RM29.1 million as compared with revenue of RM176.4 million and loss after tax of RM10.1 million for the corresponding quarter of the preceding financial period ended 31 March 2022.
The glove maker said the lower revenue was mainly due to lower average selling price (ASP) and volume sold and that the higher loss after tax was due to erosion of margin resulting from higher costs including energy, labour cost, natural rubber costs, electricity tariffs, and lower ASP
The 14% decrease in revenue was mainly contributed by a reduction in sales quantity and the due to the Group taking measures in cost control and the Group making a foreign exchange gain of RM0.8 million for the quarter under review and comparative exchange loss in last quarter 4QYE31Dec22 for the amount of RM6.5 million.
Under the current reporting quarter, the group registered a net loss before tax of RM29.1 million as compared to the last quarter in 2022 of RM17.5 million. This it said was largely due to the Group having made a reversal of deferred tax expenses amounting to RM32 million under the financial year for December 2022 and a reversal of deferred tax expenses for RM4.1 million.
