KUALA LUMPUR (June 16): Poh Kong Holdings Bhd's net profit for the third quarter ended April 30, 2022 (3QFY22) rose 14.85% to RM27.59 million from RM24.02 million a year prior, due to improved margins on the back of higher retail gold prices.

Earnings per share climbed to 6.72 sen from 5.85 sen, according to the jewellery retailer's bourse filing on Thursday (June 16).

Revenue for the quarter was marginally higher at RM366.2 million compared with RM364.19 million last year, as gold jewellery demand remained stable amid the reopening of the economy and the higher gold retail prices.

"The group's revenue is largely derived from the retail segment," it noted.

Meanwhile, for the cumulative nine months ended April 30, 2022 (9MFY22), Poh Kong posted a net profit of RM62.36 million, 24.66% higher than the RM50.02 million logged in the same nine-month period a year earlier.

Revenue for 9MFY22 was 15.96% higher at RM947.95 million versus RM817.48 million a year ago.

In terms of its prospects, Poh Kong said that the reopening of the economy in Malaysia will be reflected by its gradual recovery, with higher global growth and sustained policy support providing a further lift to the overall economy.

"The group will continuously monitor the impact of the current uncertainties of our operations, uphold and honour our financial obligations and evaluate our performance on a continuous basis," the group added.

Poh Kong said that barring unforeseen circumstances, the group is confident that it has implemented adequate measures to meet the challenges ahead of the financial year ending July 31, 2022 (FY22).

Shares in Poh Kong ended one sen or 1.24% lower at 79.5 sen, giving it a market capitalisation of RM326.23 million.