Malaysia's Hiap Teck Venture profits fall 43% in May-July quarter

Malaysia-based Hiap Teck Venture Berhad (HTVB) recorded a 43.3% year-on-year fall in pre-tax profit for the three months ending on July 31, on lower sales volumes.

Profit before tax for the May-July period was 8.9 million ringgit ($2.7 million), down from 15.7 million ringgit ($4.8 million) in the corresponding period last year, the company said in a posting to Bursa Malaysia, the country’s stock exchange, late on Friday September 26.

Profit before tax for the full year to July 31, however, was up by 45.6% to 49.9 million ringgit ($15.3 million), mainly because of improved margins, it said.


Weilyn Loo

September 29, 2014

15:50 GMT