Quick take: Hiap Teck shares up 5% in active trade

KUALA LUMPUR: Shares in Hiap Teck Venture Bhd rose over 5% in early trade Monday in active trade after the company returned to the black in the fourth financial quarter ended July 31,2019.

The steel pipe manufacture added 5.13%, or one sen to 20.5 sen. It is one of the most actively traded counter with 4.96 million shares traded.

Hiap Teck reported a net profit of RM29.56mil for its fourth quarter, compared to a net loss of RM19.98mil a year ago, on the back of profit contribution from a joint venture (JV).

However, quarterly revenue declined 4.75% to RM309.88mil from RM325.32mil.

The group declared a first and final dividend of 0.5 sen.

For the full financial year, Hiap Teck’s net profit declined 9.46% to RM25.3mil, from RM27.95mil in the preceding year. Its revenue increased by 5.21% to RM1.19bil from RM1.13bil.

Source: TheStar