06
Jul
12:05
Malaysia's Hiap Teck returns to profit
Malaysia’s Hiap Teck Venture has reported a net profit of MYR 10.59 million ($2.65m) in its third financial quarter ended April 2016. The return to profit comes on lower imports from China and the closure of the lossmaking Eastern Steel, Kallanish notes.
That profit compared with a MYR 5.19m loss a year earlier, and a MYR 60m deficit over August 2015-January 2016. The profit came despite falling revenues, which dropped -15% year-on-year to MYR 285.05m in t…
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