KUALA LUMPUR (June 29): Poh Kong Holdings Bhd posted a 22% rise in net profit in its third quarter ended April 30, 2017 (3QFY17) to RM7.4 million from RM6.09 million a year earlier, as it saw better gold prices and contribution from new outlets.

Revenue inched up 1% to RM205.23 million from RM202.52 million a year ago, Poh Kong said in a filing to Bursa Malaysia today. It also reported lower finance cost in 3QFY17 of RM2.1 million versus RM3.22 million previously.

For the cumulative nine months of FY17, net profit jumped 86% to RM15.24 million compared to RM8.19 million a year ago. Revenue grew 7% to RM617.01 million from RM578.18 million.

Going forward, Poh Kong said the group is optimistic in maintaining its growth and leading position in Malaysia despite more challenging and competitive conditions in the domestic jewellery market.

"Notwithstanding uncertainties in the global and regional economies, fundamentals in Malaysia remain resilient which have enabled corporate and industry players to meet their challenges and business performance," said Poh Kong.

"The group, being cognisant of the current market situation, continues to review, revise and consolidate its business strategies to meet these challenges," Poh Kong added.

Shares in Poh Kong closed down half a sen or 1.01% at 49 sen today for a market capitalisation of RM201.07 million.