“The group leveraged on the rising demand for gold jewellery and gold investment products which came with the rebound of the economy, resulting in a higher revenue during the quarter under review,” Poh Kong said.
PETALING JAYA: Poh Kong Holdings Bhd
will continuously monitor the impact of the present uncertainties relating to its operations.
In a filing with Bursa Malaysia yesterday, the company said it will uphold and honour its financial obligations and evaluate its performance on a continuous basis. Poh Kong is the distributor and supplier of jewellery, precious stones, semi-precious stones and gold ornaments.For its first quarter ended Oct 31, 2022, Poh Kong’s net profit rose to RM15.67mil from RM5.42mil in the previous corresponding period, while revenue improved to RM370.36mil from RM175.29mil a year earlier.
Poh Kong said revenue last year was affected by the nationwide lockdown from June 1, 2021. The group said its retail business was only allowed to reopen on Aug 16, 2021.
“The group leveraged on the rising demand for gold jewellery and gold investment products which came with the rebound of the economy, resulting in a higher revenue during the quarter under review.”
Basic earnings per share stood at 3.82 sen, versus 1.32 sen previously. Going forward, Poh Kong said it expects the Malaysian economy to further expand in the current year, driven mainly by a strong rebound in consumption.
“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.
“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, 2023.”
Meanwhile, in its latest annual report, Poh Kong executive chairman and group managing director Datuk Choon Yee Seiong said the company will be exercising caution for the remainder of its current financial year ending July 31, 2023, in light of external headwinds and global uncertainties.
He said the uncertainties and headwinds could pose a challenge and add to the corporation’s downside risks.
“Global growth is expected to decelerate to around 3% in 2022. We must be cognisant of the impact of an unpredictable global environment, which include spillovers from the war in Ukraine, renewed outbreaks of Covid-19 in China and subsequent lockdowns, as well as the domestic resurgence of the virus.
“All these have led to an increased vulnerability among affected Malaysian households and businesses. This could impact our financial performance during the year.”
To bolster shareholders’ value and confidence in the company, Choon said Poh Kong had undertaken several rounds of internal discussions both at the management and boardroom levels, to assess the group’s current business portfolio.
