KUALA LUMPUR (March 23): Poh Kong Holdings Bhd’s net profit grew 6.68% to RM11.35 million for the second quarter ended Jan 31, 2021, from RM10.64 million a year ago, due primarily to higher gold prices and cost control initiatives, along with the streamlining and strengthening of its operations and business.

Quarterly revenue, however, fell 8.2% to RM231.39 million, from RM252.05 million, dragged by the various movement control orders amid the Covid-19 crisis, the group said in its filing to Bursa Malaysia.

The group did not declare any dividend for the latest quarter.

On a quarter-on-quarter basis, the group’s net profit dropped 22.47% from RM14.64 million in the first quarter, despite revenue climbing 4.27% from RM221.91 million, due to the fluctuation of gold prices.

For the first half ended Jan 31, 2021, Poh Kong’s net profit rose 38.83% to RM26 million, from RM18.73 million a year earlier. Revenue was down 0.82% to RM453.29 million from RM457.05 million.

The group said it will continuously monitor the impact of current uncertainties on its operations, financial obligations and performance.

“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 July 31, 2021,” it said.

Poh Kong’s share price closed unchanged at 80 sen today, valuing the group at RM328.28 million.