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Yinson posts RM46.7m net profit for Q1

24 Jun 2020 / 20:27 H.

PETALING JAYA: Yinson Holdings Bhd recorded a net profit of RM46.71 million for its first quarter ended April 30, a 6.3% drop from RM49.85 million a year before higher depreciation and amortization charges, absence of amortisation of unfavourable contracts, impairment losses, a write off of contract acquisition costs and higher finance costs.

Revenue, however, was higher at RM343.75 million, from RM209 million previously, mainly due to the commencement of lease for FPSO Helang (pix) in December 2019.

Yinson said the long-term outlook for the oil and gas industry remains challenging, with the emergence of new alternative energy sources and a lower risk appetite from financial institutions towards the sector.

“The management is cautiously confident in the group’s ability to stay resilient through the challenges with existing order books and a continued positive performance in project execution and operations,” it said.

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