PETALING JAYA: Hiap Teck Venture Bhd
has cautioned against a challenging global steel market, particularly in China due to weak domestic demand that is driving increased exports.
For the fourth quarter ended July 31, 2024 (4Q24), the steel company’s net profit rose by 11% year-on-year (y-o-y) to RM47.5mil or earnings per share of 2.73 sen. Its revenue however declined by 8% y-o-y to RM416.6mil mainly due to lower average selling prices.
