Hiap Teck Venture net profit more than triples in Q3

PETALING JAYA: Hiap Teck Venture Bhd’s net profit more than tripled to RM31.94 million for the third quarter ended April 30, 2017 from RM10.59 million it made in the same quarter a year ago, underpinned by improved margin for the steel products.

Revenue increased 4.2% from RM285.05 million to RM297.13 million.

It told Bursa Malaysia that the outlook for the steel industry in Malaysia will remain positive if China remains committed and steadfast in cutting its steel output capacity and other proactive actions which will prevent the dumping of cheap steel exports to Malaysia.

“Majority of steel products produced locally is destined for infrastructure and construction sector applications. Hence, the outlook for the steel industry is very much dependent on the growth and performance of this sector,” it added.

Hiap Teck’s returned to the black registering a net profit of RM34.89 million for the nine-month period against a net loss of RM49.44 million in the previous corresponding period, with revenue declining 3.7% from RM877.52 million to RM845.38 million.