Poh Kong posts lower Q4 profit 

  • Corporate News
  • Thursday, 24 Sep 2020

KUALA LUMPUR: Poh Kong Holdings Bhd's net profit in its fourth quarter ended July 31 fell to RM8mil from RM10.57mil a year ago, as stricter operating procedures to curb the spread of the Covid-19 pandemic hurt sales.

Revenue fell to RM179.30mil from RM231.86mil a year ago.

Basic earnings per share for the most recent quarter dropped to 1.95 sen from 2.58 sen a year ago.

The company's board of directors had proposed a dividend of 1.2 sen per share.

"The implementation of the movement control order (MCO) on March 18, had severely impacted the group's operations and businesses," it said.

However effective May 2020, the MCO was replaced by Conditional MCO, which allowed the group to resume operations under restrictive operating hours, strict rules and stringent standard operating procedures as mandated by the authorities.

"A further relaxation of restrictions on June 2020 with the Recovery MCO saw a gradual return and improvement of sales," the company said.

The company said that its net profit in the fourth quarter had been supported primarily by the uptrend of gold prices and the cost control initiative efforts together with streamlining and strengthening of its operations and business.

Poh Kong said that it will continuously monitor the impact of the current uncertainties on its operations, financial obligations and performance.

It noted that external factors are largely beyond its control.

"We will continue to ensure and review all appropriate and timely measures to remain agile and flexible to meet these challenges," the company said.

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