Yinson 3Q net profit jumps to RM8.07m

Larger Smaller Reset KUALA LUMPUR (Dec 23): YINSON HOLDINGS BHD [] net profit for the third quarter ended Oct 31, 2011 jumped to RM8.07 million from RM2.5 million a year earlier, due mainly from its marine transport business and gain on disposals of subsidiary and PROPERTIES [].

The company said on Friday that its revenue for the quarter rose to RM194.48 million from RM156.19 million in 2010.

Earnings per share for the quarter rose to 11.14 sen from 3.66 sen a year earlier, while net assets per share was RM 2.02.

For the nine months ended Oct 31, Yinson's net profit rose to RM20.69 million from RM11.72 million in 2010, on the back of revenue RM549.91 million.

Reviewing its performance, Yinson said that the increase in revenue for the quarter was due mainly to increase in sales volume from its trading and marine transport business.

On its prospects, Yinson said the outlook of the global economy for the rest of 2011 had become significantly more uncertain following heightened downside risks in the advanced economies which could undermine continued global growth.

'Barring unforeseen circumstances, the group shall strive to sustain a satisfactory performance for the rest of the current financial year,' it said.