Poh Kong's net profit jumps 92%

Wednesday, 10 June 2015

 

KUALA LUMPUR: Poh Kong Holdings Bhd’s net profit for its third quarter ended April 30, 2015 surged 92.2% to RM7.92mil from RM4.12mil a year earlier due to the improvement in its gross profit margin.

The jeweller's revenue was up 14.8% to RM210.34mil for the quarter compared to RM183.12mil in the corresponding period last year, mainly attributed by a surge of demand for gold investment products and jewellery products. 

“The group's revenue is largely derived from retail segment while the manufacturing segment supplies the finished gold jewellery to the retail segment,” Poh Kong said on Wednesday.

Meanwhile, its earnings per share for the quarter rose to 1.93 sen, from 1.01 sen a year ago.

Going forward, Poh Kong expects economic challenges to occur in 2015 whereby Malaysians would continue to be cautious in their spending, posing the biggest challenge in the retail industry.

However, it said to mitigate the challenges, the group will continue to consolidate its business, realign business strategies, and undertake new initiatives to pursue sustainable growth and enhance profitability.

For the current financial year ending July 31, 2015, Poh Kong is cautiously optimistic of its financial performance.