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, 2021, to RM1mil as compared to RM13.6mil in the previous corresponding quarter.

       In a bourse filing, the jewellery merchant said it experienced a decline in revenue as the retail segment's contribution slumped 42% y-o-y due to the government's Covid-19 lockdown measures.

       Meanwhile, its manufacturing and wholesale segment also posted a 31.88% fall in revenue as it shut its production floor during the lockdown 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 to 9.82 sen in the year-ago quarter.

       "The implementation of the Full Movement Control Order since 1 June 2021 has severely impacted our business as all our retail outlets and manufacturing facilities with the exception of ecommerce division were not allowed to operate.

       "The Government has since 16 August 2021 granted some relaxation to 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.

       Over the nine months to Sept 30, the group recorded a net profit of RM16.12mil, which was 17.33% lower y-o-y due to lower gross profit margin.

       Revenue had jumped 30.77% to RM502.89mil from RM384.56mil in the comparative period.