Poh Kong Plunges Into the Red as a Result of the Lockdown Impact

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Due to the lockdown, Poh Kong Holdings Bhd had a net loss of RM13.26 million for the fourth quarter ended July 31, 2021 (4QFY21), compared to a profit of RM8.01 million a year ago.

The jeweller lost 3.23 sen per share, compared to 1.95 sen in 4QFY20.

According to the jeweller’s market filing, quarterly revenue more than halved to RM85.62 million from RM179.30 million a year earlier.

Poh Kong’s quarterly profit fell to RM24.02 million from RM24.02 million in 3QFY21, as revenue fell 76.49 percent to RM364.19 million.

The company said that following June 1’s nationwide shutdown, the group was only permitted to return for operations on August 16.

“As a result, revenue decreased significantly during the period under review,” it stated.

Notably, the last time Poh Kong posted a loss was in 3QFY21, when it declared a net loss of RM2.31 million on revenue of RM112.46 million, since its activity was temporarily halted following the implementation of the movement restriction order in March 2020.

Despite this, the group recorded a 50% increase in full-year net profit to RM36.76 million in FY21, up from RM24.43 million in FY20. Revenue increased by 20.61 percent to RM903.10 million, up from RM748.8 million.

Poh Kong suggested a 1.2 sen per share first and final dividend.

On Tuesday, the group’s share price fell 0.62 percent or half a sen to 80 sen, valuing the group at RM328 million.

Published by Zack Baharum

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