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BUSINESS

Hiap Teck posts lower net profit of RM32.21 mln in Q3

29/06/2022 07:08 PM

KUALA LUMPUR, June 29 (Bernama) -- Hiap Teck Venture Bhd posted a lower net profit of RM32.21 million in the third quarter ended April 30, 2022 (Q3 2022), from RM65.93 million in the same period last year. 

In a filing with Bursa Malaysia today, it said revenue, however, rose 39 per cent to RM456.95 million from RM329.64 million a year ago, mainly contributed by both higher sales volumes and average selling prices.

“The group registered lower profit from operations of RM40.90 million for the current quarter, as compared with the preceding year’s quarter of RM63.53 million, primarily due to higher costs of inventories despite the increase in sales volumes,” it said. 

On prospects, the group said it has been vigilant of the downward trend of steel prices and would continue to focus on prudent procurement strategies and inventory management to mitigate any potential adverse impact on performance and financial strength.

“Management remains positive on the group’s performance in the coming quarter as the resumption of economic activity gathers momentum and business confidence improves,” it said. 

Hiap Teck also said that at the joint-venture entity level, its second 200,000MT coke oven plant is targeted to be fully completed next month. 

-- BERNAMA


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