Posted by Jimmy Song > 2013-09-27 00:50 | Report Abuse

YINSON MAINTAINING HEALTHY RESULTS FOR Q2FY2014 Yinson records RM227.4 million for its Q2 revenue KUALA LUMPUR, 26 SEPT 2013 – Malaysia’s premier integrated offshore services provider, YINSON HOLDINGS BERHAD (“Yinson”, the “Company” or “云升控股有限公司”) reported a revenue of RM227.4 million for the quarter ended 31 July 2013 (“Q2FY2014”), which represents a decrease of 3.6% compared to RM235.8 million for the corresponding quarter of the previous year (“Q2FY2013). The Company also reported a pre-tax profit (“PBT”) of RM13.2 million for the quarter under review, and net profit after tax (“PAT”) of RM11.2 million. This translates to an increase of 2.3% and 4.7% for PBT and PAT respectively as compared to Q2FY2013. Looking at the first half of the financial year 2014 (“H1FY2014”), the Company reported an increase in PBT of 15.6% to RM31.2 million compared to the corresponding period in the last financial year (“H1FY2013”). The improvement in pre-tax earnings was mainly due to the contribution from the Company’s marine business segment as well as the recognition of its share of income from a joint venture company of RM15.7 million for the six months period. It was partly offset by the decrease in contribution from the trading and transport segments, an increase in net borrowing expenses and share of loss in an associate of RM1.6 million and RM1.5 million respectively, and an increase in foreign exchange losses of approximately RM3.3 million due to the weakening of Ringgit Malaysia. In terms of the Company’s segmental revenue, its marine business segment achieved revenue of RM45.5 million for H1FY2014, an increase of 40% compared to H1FY2013. The reason for the higher revenue was mainly due to the increased contribution from the charter of its two new vessels. The Company’s transport, trading and other operations segments contributed RM54.1 million, RM355.5 million, and RM0.5 million respectively to the top line. Commenting on the latest financial results, Yinson’s Chairman and Managing Director, Mr. Lim Han Weng (“林汉荣”), said, “We are optimistic that we will maintain and deliver better results for the rest of the financial year.” On the 31st of July 2013, the Company hosted their Twentieth Annual General Meeting (“AGM”) and subsequent to that it held an Extraordinary General Meeting (“EGM”) on the 28th of August 2013. At the EGM, the Company received approval from its shareholders for its proposed acquisition for all ordinary shares of Norwegian Krone (“NOK”) RM1.00 each in Fred Olsen Production ASA (“FOP”), a company listed on the Oslo Stock Exchange. The Company also received shareholders’ approval for the proposed issuance and allotment of 37,809,000 new ordinary shares of RM1.00 each at an issue price of RM2.82 per New Issue Share to Kencana Capital Sdn Bhd, which will be satisfied in cash. On the 3rd of September, the Company announced that it had received acceptance for a total of 102,797,421 shares in FOP, which amounts to approximately 97% of FOP’s outstanding shares. Mr. Lim added, “We are glad to have Fred Olsen on board and we will be on the lookout for more golden opportunities that lies ahead.”