YX PRECIOUS Metals Bhd (YXPM) net profit slipped 10.4% to RM1.88 million in the third quarter ended Sept 30, 2023 (3Q22), from RM2.08 million a year earlier.

Revenue for the quarter under review also fell 23.8% to RM53.61 million against RM68.1 million previously due to lower sales volume of gold jewellery from both the wholesale and manufacturing segment as a result of lower demand from customers, said the company in an exchange filing yesterday.

Its earnings per share was 0.50 sen versus 0.56 sen previously.

Meanwhile, for the nine months ended Sept 30, YXPM’s net profit rose to RM7.37 million from RM6.46 million a year earlier, on the back of lower revenue of RM177.99 million versus RM219.2 million previously.

YXPM’s revenue and profit were both mainly derived from the wholesale of gold jewellery and other related products and services, as well as the design and manufacturing of gold jewellery and other related products and services.

In the exchange filing yesterday, the group said it anticipates the business conditions would remain challenging — primarily influenced by geo-political risks, the fluctuations of global gold prices, foreign exchange rate and local jewellery demands with such uncertainties continuing to affect the global and local markets.

YXPM shares closed unchanged at 28 sen, valuing the company at RM104 million. – TMR / pic source: yxgroup.com.my