Poh Kong’s 3Q net profit rises15% to RM27.6mil

KUALA LUMPUR: Poh Kong Holdings Bhd’s net profit for its third quarter ended April 30, 2022 rose 15% to RM27.59mil from RM24.02mil in the same period last year.

The jeweller said the higher revenue and overall uptrend in gold prices improved the operating profits in the current quarter under review.

Its revenue in the third quarter grew to RM366.20mil against RM364.19mil previously.

“The demand for gold jewellery remained stable amid the reopening of the economy and market sentiment, aided by higher retail gold prices that resulted in a higher revenue during the quarter under review,” Poh Kong said in the notes accompanying its financial results.

In the first nine months to April 30, 2022, Poh Kong’s net profit increased to RM62.36mil, up 25% from RM50.02mil a year ago, while revenue improved 16% to RM947.95mil from RM817.48mil previously.

“The re-opening of the economy will undoubtedly be reflected by a gradual recovery, with higher global growth and sustained policy support providing a further lift to the overall economy.

“The group will continuously monitor the impact of the current uncertainties of our operations, uphold and honour our financial obligations and evaluate our performance on a continuous basis,” Poh Kong said.

“Barring unforeseen circumstances, the board of directors is confident that the group has put in place adequate measures to meet the challenges ahead for the financial year ending July 31, 2022,” it added.