- Materials and textile company HeiQ reported a slump in first-half profit as rising costs and lower revenue dented results.

For six months to 30 June 2021, pre-tax profit slumped to $3.4 million from $10.6 million year-on-year as revenue fell to US$25.8 million from US$30.1 million.

'We anticipate that the rest of 2021 will continue to be unpredictable with the previously mentioned headwinds, for us, our customers and our competitors worldwide,' the company said.

'While we are engaging in a number of significant projects, which would have an impact on the outcome for the full year, with various factors remaining outside of our control, we cannot be certain that all of these projects will materialize in 2HY 2021,' it added.

Story provided by