“The group will continuously monitor the impact of the current uncertainties on our operations," Poh Kong said.
KUALA LUMPUR: Poh Kong Holdings Bhd
says it is confident it has put in place adequate measures to meet the challenges in the current financial year.
“The group will continuously monitor the impact of the current uncertainties on our operations, uphold and honour our financial obligations and evaluate our performance on a continuous basis,” it said in a filing with Bursa Malaysia.
In the first quarter ended Oct 31, 2023, the gold merchant said its net profit was RM19mil, up from RM15.67mil in the same quarter in 2022, as operating profits improved due to an overall uptrend in gold prices.
The company’s basic earnings per share was 4.63 sen as compared to 3.82 sen.
Revenue was RM355.98mil, down from RM370.36mil a year earlier due to weak market sentiment and a decrease in demand for gold jewellery products during the quarter.
Going forward, Poh Kong said the Malaysian economy is expected to strengthen in 2024, growing amid expansion in all sectors and better prospects in global trade.
“Stronger and more dynamic trade activities will certainly translate into a greater demand for gold and gold products. An optimistic outlook must at the same time take cognisance of market corrections and global uncertainties,” it said.
