Hiap Teck’s profit falls more than half in 3Q

Revenue, meanwhile, rose 38.6% to RM456.95mil compared to the RM329.64mil in the same period a year ago driven by higher sales volume and average selling prices.

PETALING JAYA: Hiap Teck Venture Bhd’s net profit fell more than half to RM32.21mil for the third quarter ended April 30 (3Q22) from RM65.92mil a year ago dragged by lower share of profit from its joint venture (JV) entity, as well as lower profit margin of the group’s downstream operating subsidiaries.

In a filing with Bursa Malaysia, the steel company said the lower share of profit from the JV entity stood at RM3.31mil in the quarter from RM19.8mil a year ago.