KUALA LUMPUR (June 14): Poh Huat Resources Holdings Bhd has redesignated its managing director Tay Kim Huat as group chief executive officer (CEO), effective today.

Tay is the co-founder of Poh Huat Industries Sdn Bhd, which is the main operating subsidiary of the group.

He currently leads the group in areas of strategic planning, business development, new ventures and investment, said Poh Huat in a Bursa Malaysia filing.

Additionally, Tay is actively involved in key operational aspects of the group’s business, particularly in areas of purchasing and market development.
 
Tay is also the brother of Tay Kim Hau and Tay Khim Seng, both of whom are directors and shareholders of the group.

Earlier this evening, Poh Huat announced that its net profit in the second financial quarter ended April 30, 2017 (2QFY17) grew 2.7 times or 174% to RM10.6 million from RM3.88 million a year earlier, on higher shipping volume of furniture exported from its Vietnamese and Malaysian operations.

Revenue for the quarter grew 20% to RM127.65 million from RM106.46 million in 2QFY16.

Poh Huat shares settled unchanged at RM1.89 today, giving it a market capitalisation of RM403.47 million. In the past 12 months, the stock has gained 25.6%.