Yinson 1H net profit rises 138% to RM61 mil

-A +A

KUALA LUMPUR (Sept 26): Yinson Holdings Bhd saw its net profits for the second financial quarter ended July 31, 2014, rose 199% to RM30.68 million from RM10.25 million a year ago, while revenue also gained 23% year-on-year to RM280.51 million.

The offshore oil and gas services provider attributed the sharp rise in profits to an overall increase in contribution from its marine segment, trading operations, as well as joint ventures which had more than offset the higher net foreign exchange loss of RM8.3 million and finance costs.

For the cumulative six months period, net profit for Yinson rose 138% to RM60.98 million from RM25.66 million a year ago, while revenue rose to RM574.58 million from RM455.64 million.

Elaborating on its marine segment, the group said that it recorded an increase of revenue by RM144.2 million, as compared to last year, mainly due to the increased contribution from its new unit, Yinson Production AS, acquired in December last year.

“The increase in revenue resulted in an increase in segment results for the period under review by RM32.42 million, as compared to the corresponding prior period ended July 31, 2013,” the group said.

Commenting on its prospects, Yinson said it expects operational results for the current financial year to improve due to contribution from newly-acquired business, as well as from joint venture in FPSO (floating production, storage and offloading) operations, which came on-stream during the current financial year.