KUALA LUMPUR (June 12): Poh Kong Holdings Bhd’s third quarter net profit fell 41.79% to RM4.31 million, from RM7.4 million a year earlier, due to fluctuation in gold prices.

Earnings per share for the quarter ended April 30, 2018 (3QFY18) dropped to 1.05 sen from 1.80 sen a share, the jeweller said in a filing with Bursa Malaysia.

Quarterly revenue however rose 17.16% to RM240.44 million, from RM205.23 million previously, on higher demand for gold jewellery and gold investment products, as well as revenue from new outlets.

Cumulative nine-month (9MFY18) net profit fell 5.03% to RM14.48 million or 3.53 sen a share, from RM15.24 million or 3.71 sen a share in the previous corresponding period. Revenue was 18.53% higher at RM731.35 million, from RM617.01 million previously.

Going forward, Poh Kong said the group is optimistic of 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,” the group said.

Barring unforeseen circumstances, Poh Kong said it is confident of the group’s resilience to weather the challenges ahead for the current financial year ending July 31, 2018 (FY18).

Poh Kong’s share price closed one sen or 1.89% lower at 52 sen today, for a market capitalisation of RM213.38 million.