Hiap Teck Venture expects to resume Eastern Steel operation in FY18
Some good comment, so I expected Hiaptek will rise further.
“We are in the final stage of planning. We hope to resume its production by FY18. Based on today’s market conditions, we are confident that Eastern Steel would be profitable,” ED Foo Kok Siew said on the sidelines of the company’s AGM in Shah Alam yesterday.
“Firstly, the risk is in the volatility of the prices. They have moved up and down by 5%. The other thing is forex and the US-ringgit rate has been fluctuating.
“The weakening of the US dollar is good for the company as there would be less forex losses especially in Eastern Steel because the company has shareholders’ loans in US dollar,” Foo said.
He also said the company does not foresee any further impairment exercise in FY18, unlike in FY17.
https://themalaysianreserve.com/2017/12/19/hiap-teck-venture-expects-resume-eastern-steel-operation-fy18/
