Comfort Gloves Bhd was originally listed as Integrated Rubber Corporation Bhd, a Taiping-based glove manufacturing firm that was established in 1993.
Sincerely, I believe its original founders were ambitious and had a vision for global success. However, it failed to achieve financial success that is reported by Top Glove, Hartalega, and Kossan Rubber.
Instead of hundreds of millions in profits, the company has suffered a string of losses and was classified as a PN17 entity on 27 December 2012. Its future seemed bleak. But, fortunately, the company had undertaken a restructuring exercise which led to its phenomenal turnaround. As I write, Comfort Gloves Bhd is worth RM 480.6 million in market capitalization and is one of the few impressive turnaround successes in Malaysia.
In this article, I’ll briefly summarize the progression of its turnaround and its financial standing. Thus, here are 7 main things that you need to know …