Quick take: Poh Kong rises 5.7% on higher profit

KUALA LUMPUR: Shares in Poh Kong Holdings Bhd advanced 5.7% in early trade Wednesday after announcing a 57.6% jump in its second quarter net profit.

The jeweller rose 5.71%, or two sen to 37 sen. It is currently trading at a PE ratio of 5.68 times.

Poh Kong posted a 57.6% jump in net profit to RM10.64mil for its second quarter ended Jan 31, 2020 from RM6.75mil in the previous corresponding quarter.

Revenue for the quarter, however, fell 8% to RM252.05mil from RM273.91mil on a decrease in demand for gold jewellery products.

For the first six-month to Jan 31, Poh Kong’s net profit rose 88.8% to RM18.73mil, from RM9.92mil while revenue dropped 14.1% to RM457.05mil, from RM532.28mil previously.

Barring unforeseen circumstances, Poh Kong’s board is cautiously optimistic of the group’s meeting the challenges ahead for the financial year ending July 31.

Source: TheStar