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Hiap Teck 2Q profit tripled to RM7.3m

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Hiap Teck 2Q profit tripled to RM7.3m Empty Hiap Teck 2Q profit tripled to RM7.3m

Post by Cals Thu 27 Mar 2014, 18:38

Hiap Teck 2Q profit tripled to RM7.3m
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Thursday, 27 March 2014 18:27

KUALA LUMPUR (Mar 27): Hiap Teck Venture Bhd’s net profit increased by three folds to RM7.3 million in the second quarter ended Jan 31, 2014, from RM1.8 million a year earlier.

But revenue fell 7.8% year-on-year to RM259.1 million from RM280.9 million.

In a filing with the stock exchange, the steel manufacturer attributed the higher profit to improvement by its manufacturing division as a result of lower cost of production.

However, Hiap Teck said the decline in revenue was attributable to lower sales volume from the trading division.

For the half-year period, net profit posted RM21.3 million versus RM2.8 million in the previous corresponding period, while revenue registered RM529.6 million from RM554.0 million a year ago.

“The group will continue to focus on improving its productivity and operational efficiency to boost its competitiveness and performance,” said Hiap Teck.
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