Posted on 13 Dec 2024
Despite recording an operational loss as cheaper steel compressed its margins, steel manufacturer Hiap Teck Venture Bhd reported a net profit of RM34.7mil in the first quarter of financial year 2025 (1Q25), driven by contribution from its joint venture.
In the previous corresponding quarter, Hiap Teck posted a net loss of RM9.43mil.
The company said in a filing with Bursa Malaysia yesterday that its 1Q25 revenue declined by 1.4% year-on-year to RM401.72mil, due to lower average selling prices. Earnings per share for 1Q25 stood at 1.99 sen. No dividend was declared for the quarter.
It said the recent stabilisation of prices, driven by China’s stimulus measures, brings a cautiously optimistic outlook for the near future.
“With expected improvements in both global and domestic steel demand, the group is well-positioned to capitalise on growth opportunities in the upcoming quarters,” said Hiap Teck.
Source:The Star
