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KUALA LUMPUR: Hiap Teck Venture Bhd’s shares were in the red in early trade Thursday despite a jump in its profit for the fourth quarter ended July 31 (4Q21).
The counter fell 0.86%, or 0.5 sen to 57.5 sen with 24 million shares traded at 9.43am. Year-to-date, the counter has risen almost 37%.
Hiap Teck saw its net profit surged to RM60.48mil in 4Q21 from RM10.29mil in the same period a year ago.
Revenue, however, fell 21.59% to RM164.83mil during the quarter from RM210.22mil last year.
For the full financial year ended July 31, Hiap Teck posted a net profit of RM163.42mil on revenue of RM1.08bil.
RHB Retail Research said Hiap Teck Venture is set for a rebound as it breached the 57.5 sen immediate resistance on strong volume yesterday.
“A bullish bias above that level is expected to propel the stock towards the 63 sen recent high, followed by 70.5 sen – its 52-week high.
“However, this expectation will be cancelled if it falls below the support of 54.5 sen,” it said.