Yinson profit slightly up

by **Cals** Mon 30 Mar 2015, 01:08

Yinson profit slightly up

Saturday, 28 March 2015
BY: INTAN FARHANA ZAINUL

O&G service provider expects this year to be more challenging
PETALING JAYA: Oil and gas (O&G) services provider Yinson Holdings Bhd posted a net profit of RM99.73mil in the fourth ended Jan 31, up 1.2% from RM98.59mil in the same period a year earlier.
Revenue for the quarter rose 1.7% to RM253.62mil from RM249.44mil in the previous corresponding period.
However, Yinson’s earnings per share (EPS) for the fourth quarter was lower at 10.49 sen per share from 14.33 sen previously.
In a filing with Bursa Malaysia yesterday, Yinson said the lower EPS for the quarter was due to a wider share base from its rights issue and share split exercises.
The group posted a full-year net profit of RM247.5mil, up 77% from RM139.75mil previously due to a one-off gain from the disposal of subsidiary and joint venture, increase in forex exchange gains, fair value gains on forward contracts, increase contribution from marine segment and increase in share of results of joint venture.
Revenue for the period increased 14.67% to RM1.08bil from RM941.86mil previously.
Its marine segment, which consists of leasing of vessels, provision of barge services and marine management services, saw an increase in revenue by RM272mil in FY15. This was due to increase in contribution from new subsidiary, Yinson Production AS, which it acquired in December 2013.
Yinson also announced a dividend of 1.5 sen a share for FY15, which is subject to shareholders’ approval.
It has cash and cash equivalent of RM287.28mil, against total borrowings of RM823.17mil.
Moving forward, the group expects this year to be more challenging due to continued weaknesses in major economies and oil price uncertainties.
“The sharp decline in the price of oil and the uncertainty over its future price path, coupled with the attendant effects on the prices of other commodities, further compound the challenging global environment,” Yinson said.
Yesterday, Yinson’s share prices closed one sen higher to RM2.82 with 2.75 million shares traded.