Hiap Teck net profit up 74% to RM42.6mil in 4Q

The steel producer’s revenue increased by 17% year-on-year to RM453.8mil.

PETALING JAYA: Hiap Teck Venture Bhd remains cautious of developments on both the domestic and external fronts, particularly on the challenges caused by heightened volatility in steel prices, financial markets and geopolitical tensions.

For the fourth quarter ended July 31, 2023 (4Q23), the steel producer’s revenue increased by 17% year-on-year (y-o-y) to RM453.8mil, underpinned by higher sales volume notwithstanding lower average selling prices in the quarter.