PETALING JAYA: Poh Kong Holdings Bhd posted a 57.6% jump in net profit to RM10.64 million for its second quarter ended Jan 31, 2020 from RM6.75 million in the previous corresponding quarter, as the uptrend in gold prices improved operating profits.
Revenue for the quarter however, fell 8% to RM252.05 million from RM273.91 million on a decrease in demand for gold jewellery products.
For the cumulative six-month period, the group saw an 88.8% rise in net profit to RM18.73 million, from RM9.92 million while revenue dropped 14.1% to RM457.05 million, from RM532.28 million previously.
Looking ahead, the group said given recent developments, fundamentals in Malaysia remain resilient which have enabled corporate and industry players to meet their challenges and business performance.
“The group, being cognisant of the current market situation continues to review, revise and consolidate its business strategies to meet these challenges. Barring unforeseen circumstances, the board is cautiously optimistic of the group’s meeting the challenges ahead for the financial year ending July 31,” it said.