business

Hup Seng's net profit eases, revenue rises in Q3

KUALA LUMPUR: Hup Seng Industries Bhd's net profit eased 6.1 per cent to RM3.84 million in the third quarter (Q3) ended Sept 30, 2022 from the RM4.08 million recorded in the same quarter a year ago.

In a filing to Bursa Malaysia today, the company said this was mainly due to higher costs of raw materials.

Its revenue in Q3 increased 8.3 per cent to RM70.19 million from RM64.79 million.

Hup Seng said its export market increased by nine per cent or RM1.4 million mainly from Saudi Arabia and Indonesia, while the domestic market increased by eight per cent or RM4 million from the modern channel.

For the nine-month period, Hup Seng's net profit decreased 22.2 per cent to RM13.64 million from RM17.53 million, while revenue increased 4.3 per cent to RM223.26 million from RM214.03 million.

Hup Seng said the operating environment was expected to remain highly competitive for the remaining year. 

"The group will continue to monitor closely the movement of commodity prices, evaluate and adjust its pricing strategies and/or re-sizing major products when the need arises. 

"The group will leverage operational efficiencies and cost savings initiatives so as to achieve better performance," it said.

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