KUALA LUMPUR (Sept 28): Poh Kong Holdings Bhd slipped into the red with a net loss of RM13.26 million for the fourth quarter ended July 31, 2021 (4QFY21), versus a net profit of RM8.01 million a year ago, due to the lockdown.  

The jeweler posted a loss per share of 3.23 sen, against earnings per share of 1.95 sen in 4QFY20.

Quarterly revenue more than halved to RM85.62 million from RM179.30 million a year earlier, according to the jeweller’s bourse filling.  

On a quarter-on-quarter basis, Poh Kong slipped into the red from a net profit of RM24.02 million in 3QFY21, as revenue slumped 76.49% from RM364.19 million.

The group noted that following the nationwide lockdown imposed on June 1,  the group was only allowed to reopen for business on Aug 16.

“Hence, this resulted in a sharp decrease in revenue during the quarter under review,” it said.

Notably, the last time Poh Kong incurred a loss was in 3QFY21, when it reported a net loss of RM2.31 million on the back of a revenue of RM112.46 million, as its business was halted temporarily when the movement control order was implemented in March 2020.

Notwithstanding that,  the group reported a 50.45% rise in full year net profit to RM36.76 million for FY21, from RM24.43 million in FY20. Cumulative revenue gained 20.61% to RM903.10 million, from RM748.8 million.

Poh Kong recommended a first and final dividend of 1.2 sen per share.

The group's share price closed 0.62% or half a sen lower at 80 sen on Tuesday, valuing the group at RM328 million.