PETALING JAYA: Hiap Teck Venture Bhd
anticipates steel demand in Malaysia to be driven by private consumption this year and is hopeful mega projects such as the Mass Rapid Transit 3 will be given the green light, which would help the recovery of the construction industry.
The company saw its net profit drop 20.6% year-on-year (y-o-y) to RM22.4mil for the second quarter ended Jan 31, 2023 despite an 8.2% y-o-y growth in revenue to RM360.6mil on a higher sales volume.
Cumulatively, for the six months ended Jan 31, it recorded a net loss of RM26.7mil, a 127% y-o-y reversal from the RM99.3mil net profit gained in the same period of the preceding financial year. In a similar vein to its quarterly performance, the loss was posted despite a 2.5% increase in revenue to RM758.4mil.
