Hup Seng Industries Bhd achieved a pre-tax profit of RM9.188 million on the back of a turnover of RM79.260 million for the three months ended 31 March 2022 from a pre-tax profit of RM13.307 million on the back of a turnover of RM82.745 million previously.
In a Bursa filing, it said that the Group’s revenue decreased to RM79,260,000 in the current quarter ended 31 March 2022 and profit before tax has decreased to RM9,188,000 due to continuous escalation of the prices of materials are the contributing factors.
It said that with the continuous escalation of the prices of materials and energy costs, the selling prices to all domestic outlets which had been increased progressively with effect from January 2022 were not able to mitigate the impact.
It said that with the operating environment is expected to be highly competitive and challenging and the Group will look into various alternatives to protect profit margins in the long run.
