Gold accessory retailer, Poh Kong saw its revenue for Q2 coming in lower at RM403.836 million as compared to the revenue
in the corresponding quarter last year of RM406.457 million, a decrease of RM2.621 million. The decrease in revenue
it said was due mainly to a decrease in demand for gold investment products during the quarter under review.
The group’s profit before tax in the current quarter at RM32.494 million as compared to the profit before tax of RM36.778 million in the corresponding quarter last year showed a decrease of RM4.284 million. The lower revenue and the fluctuation of gold prices inevitably affected the Group’s operating profits during the quarter under review.
The jeweler expects the Malaysian economy to further expand in the current year, driven mainly by a strong rebound in
consumption. To sustain recovery, the government is attempting to address the economic impacts by gradually rebuilding fiscal buffers through increased revenue collection and greater spending efficiency
Barring unforeseen circumstances, the board of directors are confident that the group has put in place adequate measures to meet the challenges ahead for financial year ending 31 July 2023.
