Worst is over for Hiap Teck

Bullish outlook: Hiap Teck foresees greater infrastructure spending for water development and replacement of water pipes in Sabah and Sarawak.

STEEL product manufacturer Hiap Teck Venture Bhd is confident of a good outlook ahead, as the worst is over following the conclusion of the group’s financial year on July 31,2020 (FY20), which bore the brunt of the effects of the movement control order (MCO) from March until May.

Executive director Foo Kok Siew says FY20 was the group’s worst period as it was impacted by a significant reduction in profit due to the MCO and Covid-19 pandemic.