KUALA LUMPUR: Hiap Teck Venture Bhd’s net profit fell 6% to RM28.24mil in the second quarter ended Jan 31, from RM30.05mil a year ago.

       In a filing with Bursa Malaysia yesterday, it said revenue for the quarter declined by 6% to RM333.2mil as compared to preceding year’s corresponding quarter of RM356.02mil, mainly due to lower sales volume despite higher selling price.

       Its trading division reported a 21% decrease in revenue to RM155.38mil as compared to RM196.97mil in the preceding year’s corresponding quarter.

       The group’s manufacturing division reported a 12% increase in revenue to RM177.86mil as compared to previous year’s revenue of RM159.24mil.

       In the first six months to Jan 31, Hiap Teck’s net profit jumped 168% to RM99.33mil against RM37.02mil achieved a year ago.

       Revenue for the period rose 26% to RM739.83mil versus RM587.47mil.

       Commenting on its prospects, Hiap Teck said the construction sector is poised to grow an estimated 13.9% in 2022.

       The group said this is expected to be driven by the acceleration and revival of major infrastructure projects, such as the light rail transit line three, mass rail transit line three, Johor-Singapore rapid transit system, as well as Pan Borneo highway in Sabah and Sarawak.

       “The residential buildings sub-sector is also expected to expand further, in line with the government measures to address shortage of affordable housing,” the company said.