Yinson doubles 1Q net profit to RM30.3m from year ago

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KUALA LUMPUR (June 27): Yinson Holdings Bhd had doubled its net profit to RM30.3 million for its first quarter ended April 30, 2014, from RM15.4 million in the previous year’s same quarter.

Revenue for the quarter rose 29% year-on-year to RM294.1 million from RM228.3 million.

The group attributed the increase in profit to contribution from a floating, production and storage and offloading (FPSO) of RM15.2 million and contribution of RM5.2 million from the joint venture of subsidiary acquired in December 2013.

The group said that its marine segment posted higher revenue for the quarter, while its transport, trading and other operations reported lower revenue for the quarter.

Going forward, the group aims to achieve better results for the current financial year.

“The group expects operational results for the current financial year to improve due to contribution from newly acquired business and contribution from joint venture in FPSO operations which come on-stream during the current financial year,” said Yinson.