Poh Kong share price down 3.85% after posting lower Q3 earnings
PETALING JAYA: Poh Kong Holdings Bhd’s share price fell 3.85% this morning after its net profit for the third quarter ended April 30, 2018 fell 41.8% to RM4.31 million from RM7.40 million a year ago, as the fluctuation of gold prices affected the group’s operating profits.
At 11.20am, the stock was trading at 50 sen with 660,700 shares done.
Revenue, however, increased 17.2% to RM240.44 million compared with RM205.23 million in the previous year’s corresponding quarter due to the increase in demand for gold jewellery and gold investment products and additional revenue contribution from new outlets in the current quarter under review.
For the nine months period, Poh Kong’s net profit dropped 5% to RM14.48 million from RM15.24 million a year ago, while revenue jumped 18.5% to RM731.35 million compared with RM617.01 million in the corresponding period last year.
The group is optimistic in maintaining its growth and leading position in Malaysia despite more challenging and competitive conditions in the domestic jewellery market.
Source: The Sun Daily