YInson 2Q net profit up 21.8% to RM5.47m

KUALA LUMPUR: YINSON HOLDINGS BHD [] net profit for the second quarter ended July 31, 2011 rose 21.8% to RM5.47 million from RM4.49 million a year earlier, driven by its growing marine transport business.

It said on Monday, Sept 26 that revenue for the quarter increased to RM158.63 million from RM148.54 million in 2010 due to the increase in volume of sales from its trading and marine transport businesses.

Earnings per share rose to 7.55 sen from 6.55 sen, while net assets per share was RM1.93.

For the six months ended July 31, Yinson’s net profit rose to RM12.63 million from RM9.22 million in 2010, on the back of an increase in revenue to RM355.43 million from RM332.85 million.

Yinson chairman and managing director Lim Han Weng in a statement said the company expected its marine transport business to continue its growth momentum going forward given the favourable environment in the oil and gas industry regionally.

“Amid the uncertainties in the global economy currently due to the financial crisis in the European Union and the US, the outlook of the global economy for the second half of 2011 is still expected to remain positive, supported by various economic activities in most of the emerging economies, particularly from the Asian markets,” he said.

Lim said that the domestic demand was expected to remain resilient with strong support, driven by the sustained private consumption, strong private investment and faster pace of the implementation of public sector projects in Malaysia as well as in the region.

“We are currently bidding for contracts worth RM800 million in the marine transport industry in Vietnam, Malaysia and Thailand and our existing orderbook stands at about RM1.25 billion in total.

“Barring unforeseen circumstances, we shall strive to sustain a satisfactory performance for FY2012,” he said.

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