Hiap Teck share price plummets after Q3 earnings fall 95.8%

PETALING JAYA: Steel maker Hiap Teck Venture Bhd's share price fell 8.33% this morning after its net profit slumped 95.8% to RM1.34 million for the third quarter ended April 30, 2018 (Q3) compared with RM31.94 million in the previous corresponding period, due to lower earnings from its operating subsidiaries and a higher share of loss for its joint venture.
At 10.30am, Hiap Teck was trading at 33 sen with 4.5 million shares changing hands.
Its Q3 revenue declined 18.7% to RM241.57 million from RM297.13 million.
Hiap Teck’s nine-month profit, however, rose 37.3% to RM47.92 million from RM34.89 million on the back of a 5.1% drop in revenue to RM802.54 million from RM845.38 million.