Yinson announces strong 2Q post-divestment of non-core business
KUCHING: Yinson Holdings Bhd (Yinson) has announced yesterday a revenue of RM114.4 million for its second quarter results for financial year 2017 (2QFY17), translating to an increase of 16.3 per cent year over year (y- o-y).
Yinson’s 2QFY17 results also reported a core profit after tax ( PAT) of RM61.5 million, which saw a profit increase of 84 per cent y- o-y.
This increase in revenue and profit was mainly contributed by Yinson’s floating, production, storage, and offloading ( FPSO) business activities, and the higher conversion of US dollar against the ringgit.
“Additionally from Yinson’s continuing operations, the group’s results during its first half of financial year 2017 (1HFY17), also showcased a revenue and core profit of RM229.8 million and RM97.3 million, respectively.
“When compared y- o-y, these results translate to an increases of 16.4 per cent for revenue and 37 per cent for core profit.”
This was contributed by improvement in gross profit margin and higher contribution from joint venture companies.
“Our f irst hal f results demonstrate the Group’s stability and resilience in the current volatile oil and gas market. The group’s approach to focus on prudent management and in securing solid, long- term contracts has anchored the Group securely in tough market conditions.
As a full-fledged oil and gas company specialising in offshore production services, we take pride in the Group’s consistent performance and profitability as can be seen in this quarter’s results. — Bernama