KUALA LUMPUR: Tomei Consolidated Bhd reported a sharp year-on-year (y-o-y) drop in net profit for the third quarter ended Sept 30, to RM1mil compared with RM13.6mil in the previous corresponding quarter.

       In a filing with Bursa Malaysia, the jewellery merchant said it experienced a decline in revenue as the retail segment’s contribution slumped 42% y-o-y due to the Covid-19 movement control measures.

       Meanwhile, its manufacturing and wholesale segment also posted a 31.88% fall in revenue as it shut its production floor during the period.

       Group revenue for the quarter came to RM112.09mil, 37.94% lower than in the previous corresponding quarter.

       For the quarter under review, earnings per share came to 0.73 sen compared with 9.82 sen in the year-ago quarter.

       “The implementation of the full movement control order since June 1, 2021 has severely impacted our business as all our retail outlets and manufacturing facilities with the exception of e-commerce division were not allowed to operate.

       “The government has since Aug 16, 2021 granted some relaxation on the restriction and allowed the economy to reopen in phases.

       “The gradual reopening of the economy is a positive sign for our business recovery,” said the group.