KUALA LUMPUR, Nov 22 — Hap Seng Consolidated Bhd’s net profit for the third quarter (Q3) ended September 30, 2018 increased to RM190.69 million from RM182.54 million in the same quarter last year.
Revenue rose 26 per cent to RM1.762 billion from RM1.399 billion previously, on the back of higher revenue from all divisions except for plantation and building materials divisions, it said in a filing with Bursa Malaysia today.
On current year prospects, the company expected that palm oil prices would remain low, weighed down by high inventories amidst a seasonally high-cropping season in the fourth quarter and current low prices of competing vegetable oils, particularly soybean oil.
For the building materials division, the company expected its quarry, asphalt and bricks businesses would continue to operate in a challenging business environment with subdued demand and compressed margins.
Notwithstanding the foregoing, the company is optimistic of achieving satisfactory results for the financial year ending Dec 31, 2018. — Bernama
