KUALA LUMPUR (Sept 26): Poh Kong Holdings Bhd’s net profit plummeted 83.3% to RM4.98 million or 1.21 sen per share in the fourth quarter ended July 31, 2023 (4QFY2023), from RM29.84 million or 7.27 sen per share a year ago, due to a fall in sales volume and increased operating expenses.  

Quarterly revenue fell 23.9% to RM315.66 million, compared to RM414.66 million posted a year earlier, mainly due to weak market sentiment and a decrease in demand for gold jewellery products, the company said in a filing with Bursa Malaysia on Tuesday.

The board recommended a final single tier dividend of two sen, subject to shareholders' approval at the forthcoming annual general meeting.

 For the full year, the jewellery notched a net profit of RM77.74 million or 18.95 sen per share, a drop of 15.7% compared to RM92.19 million or 22.47 sen per share a year earlier. However, revenue for the period grew 7.9% to RM1.47 billion from RM1.36 billion in FY2022.

On prospects, the group said it will monitor the impact of current uncertainties on its operation and evaluate its performance on a continuous basis.  

“Barring unforeseen circumstances, the board of directors is confident that the group has put in place adequate measures to meet the challenges ahead for the financial year ending 31 July 2024,” the company said.  

Poh Kong’s shares ended up half sen or 0.58% to 87 sen, valuing the company at RM357.01 million.