Better financial showing forecast for Hiap Teck

HLIB Research is optimistic about Hiap Teck’s prospects on the back of a recovery in steel prices and an anticipated improvement in steel demand.

PETALING JAYA: The recovery in steel prices is expected to help Hiap Teck Venture Bhd record better financial results for the second half of its financial year ending July 31, 2023 (2H23).

The steel producer returned to the black with a core net profit of RM15.6mil for the second quarter (2Q23) versus a net loss of RM23.5mil in 1Q23, which took its core net loss for the six months ended Jan 31, 2023, (1H23) to RM7.9mil.