16 hours ago
Poh Kong remains stable as gold demand holds firm
KUALA LUMPUR: Poh Kong Holdings Bhd expects gold demand to remain strong as global trade tensions and tariff-driven disruptions push investors toward safe-haven assets like gold.
'During tariff-induced economic disruptions, gold demand typically surge as investors seek protection against inflation and market volatility, and the metal's role as a safe-haven asset,' the jeweller said in a filing with Bursa Malaysia.
Poh Kong noted that global trade tensions are significantly disrupting production and trade patterns.
The group said it will continue to monitor the impact of these uncertainties on its operations, while upholding its financial obligations and evaluating performance on a continuous basis.
'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, 2025,' Poh Kong said.
In the third quarter ended April 30, Poh Kong posted a flat net profit of RM47.6mil, or earnings per share of 11.60 sen, bringing its nine-month profit to RM98.5mil, or 24.01 sen per share.
Poh Kong said overall uptrend in gold prices had improved the operating profits in the current quarter under review.
Revenue for the quarter rose 2.7% to RM533.9mil, lifting the nine-month revenue to RM1.32bil.
The increase in revenue was mainly due to the surge in gold price during the quarter under review.
