PETALING JAYA: Steel company Hiap Teck Venture Bhd
has posted a huge jump in its net profit to RM65.93mil for its third quarter ended April 30, from RM4.92mil a year ago on the back of rising steel prices.
The group’s revenue doubled in the quarter from RM164.59mil to RM329.64mil, attributable to higher sales volume and higher steel prices.
In a filing with Bursa Malaysia, Hiap Teck said its strong performance was also due to the sharp turnaround of its joint-venture (JV)entity, which contributed RM19.81mil to the group for the quarter as compared to RM4.85mil in the same period a year ago.
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