Yinson posts lower earnings in Q2

PETALING JAYA: Yinson Holdings Bhd’s net profit declined 11.9% to RM73.67 million for the second quarter ended July 31, 2018 against RM83.6 million in the previous corresponding period, due to higher non-controlling interests.
Its revenue however, rose 13.5% to RM246.54 million from RM217.23 million.
The group proposed an interim dividend of 4 sen per share for the quarter under review.

For the first half of the year, Yinson’s net profit was down 6.8% to RM134.1 million from RM143.88 million on the back of a 23.6% increase in revenue to RM481.72 million from RM389.64 million.
Looking ahead, the group said the short-term to medium-term outlook in the oil and gas industry remains challenging and uncertain due to emerging new alternative energy resources and financial institutions risk appetite towards the sector.
“Overall current global economic is exposed to the risk of increasing trade protectionism and certain geopolitical conditions remain fragile, with higher downside risks.”
However, it said the lagging investment for the industry in the past years could promote the increase in demand to replenish the depleting production globally.
“Amid the challenging global economic environment and the volatility of other currencies against US dollar, the group shall strive to achieve satisfactory results for the financial year ending January 31, 2019.”
Yinson’s share price was unchanged at RM4.55 today on 1.12 million shares traded.