Hiap Tech Venture Bhd achieved a pre-tax profit of RM41.333 million on the back of a turnover of RM456.952 million for the quarter ending 30th April 2022 from a pre-tax profit of 80.161 million on the back of a turnover of RM329.643 million previously
Group revenue for the current quarter under review grew 39% to RM456.952 million as compared to the preceding year’s corresponding quarter of RM329.643 million mainly contributed by both higher sales volumes and average selling prices.
It said that the reduction in profit before tax was attributed to a lower share of profit from JV entity at RM3.319 million in the current quarter as compared to RM19.809 million in last year’s corresponding quarter and a lower profit margin for the Group’s downstream operating subsidiaries as a result of higher costs of inventories.
