PETALING JAYA: Poh Kong Holdings Bhd will closely monitor the current uncertainties on its operations and continue to uphold its financial obligations and evaluate its performance.
In a filing with Bursa Malaysia, the jeweller said the local economy is expected to strengthen this year and grow, as other sectors expand on the back of better global trade.
“Stronger and more dynamic trade activities will certainly translate into a greater demand for gold and gold products. An optimistic outlook must at the same time take cognisance of market corrections and global uncertainties,” it said.
The group added that there are adequate measures put in place to meet the challenges of this year in anticipation of its financial year ending July 31, 2024.
For the second quarter ended Jan 31, 2024, the group posted a revenue of RM423.8mil compared to RM403.8mil for the same quarter last year on the back of a stronger demand for gold jewellery and gold investment products.
Its profit was also higher at RM28.25mil for the quarter under review compared to the RM25.68mil a year ago, as the overall uptrend in gold prices had improved the operating profits.
The group also said it did not declare any dividend for the quarter while its basic earnings per share was 6.88 sen.
For the six-months period ended Jan 31, 2024, Poh Kong’s net profit grew to RM47.25mil from RM41.35mil in the previous corresponding period, while revenue improved to RM779.80mil from RM774.20mil a year earlier.