Hiap Teck Venture posts RM16m net profit in Q1

PETALING JAYA: Hiap Teck Venture Bhd returned to the black registering a net profit of RM16 million for the first quarter ended Oct 31, 2017 from a net loss of RM958,000 in the previous corresponding period, mainly due to lower finance costs and share of loss from joint venture.
Revenue for the quarter decreased by 7% to RM258.49 million from RM279.12 million in the same period last year, on the back of lower sales volume for both trading and manufacturing divisions.
On its prospects, the steel pipe maker said it remains positive on the outlook of steel industry and is committed to continuous improvement on productivity and technical competency while expanding its products range.
It said it will also focus on procurement and pricing strategies as well as working capital management to drive its costs leadership in the sector.
Hiap Teck closed unchanged at 42 sen on Friday with 7.4 million shares traded.