Poh Kong’s Q1 results sparkle, aided by uptrend in gold prices

PETALING JAYA: Poh Kong Holdings Bhd’s net profit for its first quarter ended Oct 31, 2020 surged by 81.1% to RM14.64 million from RM8.08 million in the same quarter of the previous year, due primarily to the uptrend of gold prices and cost-control efforts together with streamlining and strengthening of its operations and business.

Revenue for the quarter stood at RM221.91 million, an 8.2% increase from RM205 million previously.

In its Bursa disclosure, the group stated that the stimulus packages introduced by the government and the cuts to the Overnight Policy Rate have helped cushion the economic impact of the Covid-19 pandemic, by providing a more accommodative monetary environment.

Moving forward, it will monitor the impact of the current uncertainties on its operations, financial obligations and performance while external factors are largely beyond its control.

For the remainder of the financial year, Poh Kong said it is confident it has put in place solid measures to meet the challenges ahead.