Source: The Edge
Steel products manufacturer Hiap Teck Venture Bhd’s net profit in its third quarter ended April 30, 2017 (3QFY17) jumped three times to RM31.9 million from RM10.6 million a year ago, due mainly to improved margins.
Revenue grew 4% to RM297.1 million from RM285.1 million a year ago, due mainly to an improvement in steel prices which raised the group’s selling price.
The group’s cumulative nine months ended April 30, 2017 (9MFY17) saw it return to the black with a net profit of RM34.9 million, from a net loss of RM49.4 million a year ago, while revenue dipped 4% to RM845.4 million from RM877.5 million.
On prospects, the group said it will continue to strive for a positive performance for its financial year ending July 31, 2017 (FY17).
“Domestic demand continues to be the principal driver of growth, underpinned by private sector activity and public sector infrastructure projects,” the group said.
“Malaysia’s external sector is expected to remain resilient despite continued uncertainties in the global environment. Both imports and exports are expected to strengthen in 2017,” it added.
Hiap Teck’s shares settled one sen or 2.67% lower at 37 sen for a market capitalisation of RM471.8 million.