KUALA LUMPUR: Higher steel prices lifted Hiap Teck Venture Bhd earnings in third quarter ended April 30, but the company warned that the lockdown in June and prolong movement control will impact its results in the final quarter.？

       Net profit in the tree-month period soared to RM65.9mil from RM4.9mil a year ago, while revenue doubled to RM330mil.

       The company, in a filing with Bursa Malaysia today, said the strong results were driven by increased sales volume and higher steel selling prices.

       "The strong performance was achieved not only from the much-improved results from the Group’s downstream operating subsidiaries but also from the sharp turnaround of the joint venture entity," it said.

       "The Board and Management remain confident on the outlook of the Group post lockdown, given the strength of steel prices and the JV entity’s continuous investments in plant and equipment to achieve cost efficiencies," it added.

       The JV entity’s first 200,000 MT coke oven plant was expected to be completed by the second half of 2021, which Hiap Teck said would translate into "substantial cost savings" for the group.？