Jewellery maker Poh Kong Holdings Bhd reported slower sales in three-month ended Jan 31, but higher gold prices and cost control initiatives boosted its earnings.
Net profit rose to RM11.35mil compared with RM10.6mil a year ago. Revenue declined to RM231.4mil from RM252mil previously.
“The implementation of movement control order severely impacted the Group’s operations and businesses, ” Poh Kong said in a filing with Bursa Malaysia yesterday.
However, margins improved due to the “uptrend of gold prices and the cost control initiative efforts together with streamlining and strengthening of operations and business, ” it said. Poh Kong expects the country’s economy to improved with the scheduled progress of the vaccine rollout.
“The group will continuously monitor the impact of these current uncertainties on its operations, financial obligations and performance while external factors are largely beyond our control, ” it said.
Barring unforeseen circumstances, the Board of Directors is confident that the Group has put in place adequate measures to meet the challenges ahead for financial year ending July 31,2021, ” it said.
Source: The Star
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