HIL Industries posts higher 1Q21 net profit

HIL Industries managing director Datuk Milton Ng said the strong financial performance for the quarter was due to the strong demand for automotive parts and components from several companies as the economic recovery picked up pace despite the travel curbs due to the Covid-19 pandemic.

KUALA LUMPUR: HIL Industries Bhd’s net profit for the first quarter ended March 31,2021 (1Q21) jumped 48.35% to RM6.78mil from RM4.57mil a year ago boosted by stronger performance by its engineering plastics products division.

It announced on Thursday its revenue increased to RM34.68mil from RM31.98mil. Earnings per share improved to 1.87 sen from 1.24 sen previously. It declared a dividend of 1.50 sen a share.