Yinson 3Q profit soars 460% to RM86.8m

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KUALA LUMPUR (Dec 22): Yinson Holdings Bhd’s net profit soared 460% to RM86.8 million in the third quarter ended Oct 31, 2014 from RM15.5 million in the previous corresponding quarter.

Revenue rose 7.8% to RM255.2 million from RM236.8 million a year earlier.

The substantially higher profit was attributed to the RM20.9 million gain on the disposal of a subsidiary and stake in a joint-venture, increase in foreign exchange gain of RM24.8 million, and higher contribution from its marine segment, Yinson said in a filing with Bursa Malaysia.

For the nine-month period, net profit jumped 259% to RM147.8 million from RM41.2 million in the same period last year, while revenue jumped nearly 20% to RM829.8 million versus RM692.4 million a year ago.

The group had on Oct 8 disposed its entire equity interest in Nautipa AS and 50% equity interest in joint venture (JV) Tinworth Pte. Ltd. through its new wholly-owned indirect subsidiary Yinson Production AS (YPAS).

According to Yinson, its marine segment revenue was up by RM223.4 million compared to the previous corresponding period, due to the contribution from YPAS.

Contribution from the JVs increased to RM73.5 million from RM25.5 million previously, mainly due to the RM28.9 million contribution from a floating, production and storage and offloading facility (FPSO) operation, it said.

Going forward, Yinson expects global growth to remain moderate.

Nevertheless, the group expects operational results for the current financial year to improve due to contribution from newly acquired business and contribution from JV in FPSO operations.

Yinson share price rose 14 sen or 5.2% to RM2.81, giving the group a market capitalisation of RM2.88 billion.