Hiap Teck Venture expects to triple earnings in FY19

SHAH ALAM: Steel pipe maker Hiap Teck Venture Bhd is expected to triple its earnings in the current financial year ending July 31, 2019, supported by its 35%-owned joint venture company Eastern Steel Sdn Bhd (ESSB) which has resumed its operations last July.

“2019 will be a much better year compared to 2018. If I can turn ESSB from negative to even zero, the group’s earnings will be double or triple,” its executive director Foo Kok Siew told reporters after its AGM here today.

Foo said the group’s financial performance in the past years were mainly dragged down by ESSB, which operations have been halted in October 2015 to minimise losses.

“ESSB has a slab-making capacity of 700,000 metric tons per annum and it is currently operating at full production capacity,” Foo added.

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