Poh Kong's main outlet in Petaling Jaya. The company said the drop in group revenue was due to the absence of gold rush and weak market sentiment. - MUHAMMAD SYAMIL BIN JOHAR/THE STAR
KUALA LUMPUR: Poh Kong Holdings Bhd
is expecting a better year ahead, driven by the increase in gold prices and improved consumer spending.
Speaking at the group’s annual general meeting (AGM), Poh Kong executive chairman and group managing director Datuk Choon Yee Seiong said analysts are expecting gold prices to hit US$1,350 to US$1,400 in the near term.
“Gold will be on the upward trend as the price has been pretty stable as compared to last year.
“In addition, the strengthening of the US dollar shall also translate to better margins.
“We hope to outperform our FY2017 results,” he said.
Poh Kong registered a net profit of RM5.36mil for the first quarter ended October 31, 2017, which was a two-fold increase as compared to the previous corresponding period.
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