ID :
39767
Fri, 01/09/2009 - 19:55
Auther :
Shortlink :
https://oananews.org//node/39767
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POH KONG ON RM10 MLN EXPANSION DRIVE
PETALING JAYA (Malaysia), Jan 9 (Bernama) -- Poh Kong Holdings Bhd,
Malaysia's largest retail jewellery chain, is investing up to RM10 million for
its expansion network this year.
"We are planning to open three to five outlets this year. The first will
be in Kuantan (capital of east coast Pahang state) early next month. One outlet
costs RM2 to RM3 million depending on the size and location," executive chairman
and group managing director Eddie Choon Yee Seiong said Friday.
Speaking to reporters after the company's annual general meeting, he
said the expansion plan is one of the company's strategies to generate higher
sales turnover despite the tough market conditions and a gloomy economy.
"We expect a slight increase in our inventory in tandem with our expansion
plan. At the same time, we will be cautious and prudent to make sure it is done
in a beneficial manner," he said.
Poh Kong's inventory comprising gold and gems has increased to RM391.3
million (US$1=RM3.50) in financial year ended July 31, 2008 from RM324.4 million
in the previous year.
On sales target for its current financial year ending July 31, 2009, Choon
said the company's sales growth will be in tandem with the country's economic
growth.
The national economic growth forecast has been revised downwards to 3.5
percent from 5.4 percent earlier.
Following the government's revised GDP forecasts, it is understood that the
retail sales growth for this year has also been revised to five percent from
eight percent.
Choon, however, said Poh Kong expects the sales to maintain, given the fact
that the company experienced a positive growth in its first quarter ended
Oct 31, 2008.
For the first quarter, Poh Kong posted a higher pre-tax profit of RM13.998
million from RM12.81 million in the same quarter in the previous year, while
revenue surged to RM161.98 million from RM135.1 million previously.
Poh Kong's corporate affairs, administration and human resource head
Margaret Hon said the company is drawing up plans and marketing strategies to
launch more affordable products to support consumer spending.
"Generally, we expect a slight slowdown, but we will constantly review and
monitor our expenditures and the price of our products. So far, we still have
not seen a major slowdown in our business," she added.
-- BERNAMA
Malaysia's largest retail jewellery chain, is investing up to RM10 million for
its expansion network this year.
"We are planning to open three to five outlets this year. The first will
be in Kuantan (capital of east coast Pahang state) early next month. One outlet
costs RM2 to RM3 million depending on the size and location," executive chairman
and group managing director Eddie Choon Yee Seiong said Friday.
Speaking to reporters after the company's annual general meeting, he
said the expansion plan is one of the company's strategies to generate higher
sales turnover despite the tough market conditions and a gloomy economy.
"We expect a slight increase in our inventory in tandem with our expansion
plan. At the same time, we will be cautious and prudent to make sure it is done
in a beneficial manner," he said.
Poh Kong's inventory comprising gold and gems has increased to RM391.3
million (US$1=RM3.50) in financial year ended July 31, 2008 from RM324.4 million
in the previous year.
On sales target for its current financial year ending July 31, 2009, Choon
said the company's sales growth will be in tandem with the country's economic
growth.
The national economic growth forecast has been revised downwards to 3.5
percent from 5.4 percent earlier.
Following the government's revised GDP forecasts, it is understood that the
retail sales growth for this year has also been revised to five percent from
eight percent.
Choon, however, said Poh Kong expects the sales to maintain, given the fact
that the company experienced a positive growth in its first quarter ended
Oct 31, 2008.
For the first quarter, Poh Kong posted a higher pre-tax profit of RM13.998
million from RM12.81 million in the same quarter in the previous year, while
revenue surged to RM161.98 million from RM135.1 million previously.
Poh Kong's corporate affairs, administration and human resource head
Margaret Hon said the company is drawing up plans and marketing strategies to
launch more affordable products to support consumer spending.
"Generally, we expect a slight slowdown, but we will constantly review and
monitor our expenditures and the price of our products. So far, we still have
not seen a major slowdown in our business," she added.
-- BERNAMA
