KUALA LUMPUR (June 15): Poh Kong Holdings Bhd swung back to the black in its third quarter ended April 30, 2021 (3QFY21) with a net profit of RM24.02 million, compared with a net loss of RM2.31 million a year earlier, due to higher revenue and cost control initiatives.

In a bourse filing, the jeweller said revenue more than doubled to RM364.19 million, from RM112.46 million in 3QFY20, thanks to higher demand for gold investment products, such as gold bars, wafers and gold jewellery items.

The group also noted that in 3QFY20, revenue was impacted by the first movement control order (MCO 1.0).

Cumulative net profit for the first nine months of FY21 shot up to RM50.02 million, from RM16.42 million in the corresponding period of FY20. Cumulative revenue was 43.54% higher at RM817.49 million, from RM569.51 million.

Poh Kong did not declare a dividend for the latest quarter.

On its prospects, Poh Kong said the group will continuously monitor the impact of the current uncertainties on its operations, financial obligations and performance while external factors are largely beyond its control.

"Barring unforeseen circumstances, the board of directors is confident that the group has put in place adequate measures to meet the challenges ahead for financial year ending July 31, 2021,” it added.

Poh Kong's share price closed 0.58% or half a sen higher at 85.5 sen, valuing the group at RM350.85 million.