PETALING JAYA: Poh Kong Holdings Bhd expects a strong rebound in consumption to drive a further expansion in the Malaysian economy this year.
“To sustain recovery, the government is attempting to address the economic impacts by gradually rebuilding fiscal buffers through increased revenue collection and greater spending efficiency,” it said in a filing with Bursa Malaysia.
For the fourth quarter ended July 31, 2023, the jewellery retailer’s revenue decreased by 24% to RM315.7mil from RM414.7mil due to a weak market sentiment and a decrease in demand for gold jewellery products during the quarter under review.
Net profit declined by 83% to RM4.98mil from RM29.8mil or earnings per share 1.21 sen as a result of the decrease in sales volume and increase in the operating expenses during the quarter under review.
For the financial year ended July 31, 2023, Poh Kong’s net profit dipped to RM77.7mil from RM92.2mil a year earlier, while revenue improved to RM1.47bil from RM1.36bil in the previous corresponding period.
Going forward, Poh Kong said it will continuously monitor the impact of the current uncertainties of its operations. The group will also uphold and honour its financial obligations and evaluate its performance on a continuous basis.
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, 2024.
Poh Kong announced a final single tier dividend of two sen per ordinary share in respect of the financial year ended July 31, 2023.