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KUALA LUMPUR: Hiap Teck Venture Bhd saw its net profit for the third quarter ended April 30 (3Q22) contracted 51% to RM32.21mil from RM65.92mil a year before.

It posted a pretax profit of RM41.33mil in 3Q22, down against RM80.16mil last year.

The steel company said the reduction in pretax profit was attributed to a lower share of profit from its joint venture (JV) entity at RM3.319mil in the current quarter as compared to RM19.809mil in last year corresponding quarter and lower profit margin for the group’s downstream operating subsidiaries as a result of higher costs of inventories.

Revenue, however, grew 39% to RM456.95mil as compared to RM329.64mil posted in the same quarter a year ago mainly contributed by both higher sales volumes and average selling prices.

In the first nine months to April 30, Hiap Teck posted a net profit of RM131.54mil, up 28% from RM102.94mil posted last year while revenue expanded 30.5% to RM1.19bil against RM917.1mil previously.

“The group is vigilant of the downward trend of steel prices and will continue to focus on prudent procurement strategies and inventory management to mitigate any potential adverse impact on performance and financial strength.

“Management remains positive on the group’s performance in the coming quarter as the resumption of economic activity gathers momentum and business confidence improved,” Hiap Teck said, adding that at the JV entity level, its second 200,000MT coke oven plant is targeted to fully complete by July 2022.