Yinson's Q3 earnings up 44% to RM91.16 million

PETALING JAYA: Yinson Holdings Bhd registered a 44.4% in net profit to RM91.16 million for the third quarter ended October 31, 2017 compared with RM63.11 million in the previous corresponding period, underpinned by higher profit contribution from the FPSO John Agyekum Kufuor, lower impairment loss on property, plant and equipment as well as net favourable exchange movement of RM7.8 million.
Its revenue doubled from RM127.94 million to RM263.12 million.
The integrated offshore production and support services provider said in a filing with the stock exchange that the short- to medium-term outlook in the oil and gas sector remains challenging and uncertain due to protracted oversupply, emerging new alternative energy resources and financial institutions risk appetite towards the sector.
"Moving forward, global economic activity is expected to remain subdued despite unprecedented easing of monetary conditions in major economies."
Amid the challenging global economic environment and the volatility of other currencies against US dollar, the group said it will strive to achieve satisfactory results for the financial year ending January 31, 2018.
For the first nine months of the year, Yinson's net profit increased 61.2% from RM145.85 million to RM235.04 million on the back of an 82.4% jump in revenue from RM357.79 million to RM652.76 million.
Its shares fell 5 sen or 1.3% to close at RM3.76 on some 457,800 shares done.