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Surge in Hiap Teck Q4 net profit

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Surge in Hiap Teck Q4 net profit Empty Surge in Hiap Teck Q4 net profit

Post by Cals Sat 28 Sep 2013, 18:23

Published: Saturday September 28, 2013 MYT 12:00:00 AM 
Updated: Saturday September 28, 2013 MYT 11:21:54 AM
Surge in Hiap Teck Q4 net profit

PETALING JAYA: Hiap Teck Venture Bhd posted a jump in net profit to RM23.37mil for the fourth quarter ended July 31, 2013 from RM206,000 a year ago.
However, the group’s revenue fell about 6% to RM273.94mil from RM291.58mil previously.
In its filing with Bursa Malaysia, the company said both its trading and manufacturing divisions recorded lower revenue during the quarter.
“Sales volume for the trading division was relatively flat while that for the manufacturing division recorded a slight increase. The decrease in revenue was due to lower selling prices in the current quarter,” it said.
Meanwhile, the improvement in net profit was mainly due to higher other income.
For the full year, the group recorded lower revenue of RM1.1bil, compared with RM1.12bil in the previous year. Hiap Teck attributed the fall to lower average selling prices, due to the depressed international steel prices.
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