PETALING JAYA: Poh Huat Resources Holdings Bhd
’s net profit for its third quarter ended July 31 (3Q24) fell 38.6% year-on-year (y-o-y) to RM3mil as revenue dipped 2.1% to RM105.1mil.
The reduced turnover was mainly due the low orders and shipment of home furniture from the group’s Vietnamese operations, as many US furniture distributors and retailers continue to deal with surplus inventory, high shipping costs and most critically low store traffic.
In a filing with Bursa Malaysia, it noted the decline in 3Q24 earnings was also attributed to foreign exchange losses, as well as higher land taxes incurred by its Australian subsidiary.
Earnings for the nine months ended July jumped 28.8% y-o-y to RM20.5mil, as revenue rose 7% to RM344.6mil due to higher capacity utilisation rate and economy of scale at its Malaysian operations, while raw materials and labour costs were also generally stable.
The group expects prospects to be mixed for the remaining months of 2024.
