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

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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 identical interval final 12 months.

The jeweller mentioned the upper income and general uptrend in gold costs improved the working income within the present quarter below evaluation.

Its income within the third quarter grew to RM366.20mil in opposition to RM364.19mil beforehand.

“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 mentioned within the notes accompanying its monetary outcomes.

In the primary 9 months to April 30, 2022, Poh Kong’s net profit elevated to RM62.36mil, up 25% from RM50.02mil a 12 months in the past, whereas income improved 16% to RM947.95mil from RM817.48mil beforehand.

“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 mentioned.

“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.



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