POH Kong Holdings Bhd’s net profit in the first quarter (1Q) ended Oct 31, 2022, rose to RM15.67 million from RM5.42 million in the previous corresponding period, while revenue in the first quarter improved to RM370.36 million from RM175.29 million 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, it said, the government is attempting to address the economic impacts by gradually rebuilding fiscal buffers through increased revenue collection and greater spending efficiency. 

“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.

“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,” it said. — TMR / pic source: Poh Kong Jewellers FB