KUALA LUMPUR (March 14): Poh Kong Holdings Bhd’s second quarter net profit grew 40.4% to RM6.75 million, from RM4.81 million a year earlier, thanks to higher gold prices.

Earnings per share for the second quarter ended Jan 31, 2019 (2QFY19) rose to 1.65 sen from 1.17 sen previously, the group said in a filing to the stock exchange.

Quarterly revenue was up 1.46% to RM273.91 million, from RM269.98 million a year ago, mainly due to the increase in demand for gold jewellery, aided by higher retail gold prices.

For the cumulative six-month period (1HFY19), net profit slid 2.48% to RM9.92 million or 2.42 sen per share, from RM10.17 million or 2.48 sen per share a year ago.

Half-yearly revenue rose 8.43% to RM532.28 million, from RM490.91 million previously.

On prospects, Poh Kong said the group is confident of its resilience to weather the challenges ahead, for the current financial year ending July 31, 2019 (FY19). 

“The group is positive [that] the demand for gold-related products will remain resilient and provide investors with a complementary investment option, while at the same time, is a liquid asset and a safe haven during economic uncertainties,” it added.

Poh Kong shares closed one sen or 2.04% lower at 48 sen today, giving it a market capitalisation of RM196.97 million.