Tomei's 1Q net profit triples y-o-y as Malaysians buy more gold jewellery

TheEdge Tue, May 04, 2021 09:45pm - 4 days ago

KUALA LUMPUR (May 4): Tomei Consolidated Bhd's net profit for the first quarter ended March 31, 2021 (1QFY21) jumped more than three times year-on-year (y-o-y) to RM13.76 million, from RM4 million, on higher revenue.

Earnings per share ballooned to 9.93 sen in 1QFY21 against 2.89 sen in 1QFY20, the company's filing with Bursa Malaysia showed.

Quarterly revenue almost doubled to RM244.15 million from RM127.8 million a year before, mainly due to an increase in consumers' demand, particularly for yellow gold jewellery.

On a quarter-on-quarter basis, Tomei's net profit also increased by 17.88% from RM11.67 million while revenue was up 45.47% from RM167.84 million, also due to better consumers' demand.

On prospects, the group said it will remain vigilant and take necessary measures to ensure that it achieves a reasonable level of profitability for the year.

Tomei's shares rose 1.5 sen or 1.69% to 90 sen today, valuing it at RM125 million. There were 722,800 shares traded.

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