KUALA LUMPUR: Hiap Teck Venture Bhd
’s net profit fell 6% to RM28.24mil in the second quarter ended Jan 31, from RM30.05mil a 12 months in the past.
Its income for the quarter declined by 6% to RM333.2mil as in contrast
to previous 12 months’s corresponding quarter of RM356.02mil primarily due to decrease gross sales quantity regardless of larger promoting value.
Its buying and selling division reported a 21% lower in income to RM155.38mil as in contrast to RM196.97mil in the previous 12 months’s corresponding quarter.
Manufacturing division reported a 12% improve in income to RM177.86mil as in contrast to earlier 12 months’s income of RM159.24mil.
In the primary six months to Jan 31, Hiap Teck’s net profit jumped 168% to RM99.33mil in opposition to RM37.02mil achieved a 12 months in the past.
Revenue for the interval rose 26% to RM739.83mil versus RM587.47mil.
“Despite all the challenges, the group recorded a remarkable six months performance to-date with a profit after tax of RM99.38mil, a 167% increase over the preceding year corresponding period, mainly due to higher steel prices and higher contributions from the JV entity,” Hiap Teck stated.
The group is vigilant of the development of metal costs and can proceed to give attention to prudent procurement methods and stock administration to mitigate any potential antagonistic affect on efficiency and monetary power.
“Management remains positive on the group’s performance in the coming quarter as the resumption of economic activity gathers momentum and business confidence improves.
“At the JV entity, further cost savings will be achieved with the completion of its second 200,000 tonnes coke over plant which is targeted by June 2022,” Hiap Tech stated.
