STEEL product manufacturer Hiap Teck Venture Bhd
is confident of a good outlook ahead, as the worst is over following the conclusion of the group’s financial year on July 31,2020 (FY20), which bore the brunt of the effects of the movement control order (MCO) from March until May.
Executive director Foo Kok Siew says FY20 was the group’s worst period as it was impacted by a significant reduction in profit due to the MCO and Covid-19 pandemic.
“With normalcy expected in growth next year, greater development expenditure as stipulated in Budget 2021, rising steel prices and the completion of our new coke oven plant, we are confident of a good outlook for the current financial year and the couple of years ahead.
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