Poh Kong’s 3Q net profit jumps 51.6% to RM47.6mil


KUALA LUMPUR: Poh Kong Holdings Bhd will monitor the impact of current uncertainties on operations, maintain financial obligations, and assess performance continuously.

“Barring unforeseen circumstances, the board of directors is confident that the group has put in place adequate measures to meet the challenges ahead for financial year ending July 31, 2024,” the jeweller said in a Bursa filing.

In the third quarter ended April 30, Poh Kong’s net profit jumped 51.6% to RM47.6mil against RM31.4mil in the same corresponding quarter last year.

It noted that the increase in revenue and overall uptrend in gold prices had improved the operating profits in the current quarter under review.

Revenue for the quarter rose 36.5% to RM519.6mil from RM380.7mil a year ago while earnings per share climbed to 11.61 sen compared with 7.66 sen last year.

Poh Kong said the higher revenue was mainly due to the increase in demand for gold jewellery and gold investment products.

For the first nine months, the jeweller posted a net profit of RM94.9mil, up 30.4% from RM72.7mil last year while revenue grew 12.5% to RM1.3bil from RM1.15bil a year prior.

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Poh Kong , gold , jewellery

   

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