Posted by Jimmy Song > 2013-12-31 08:18 | Report Abuse

YINSON DELIVERS POSITIVE THIRD QUARTER KUALA LUMPUR, 30 DEC 2013 – Malaysia’s premier integrated offshore services provider, YINSON HOLDINGS BERHAD (“Yinson”, the “Company” or “云升控股有限公司”) reported revenue of RM236.78 million for the quarter ended 31 Oct 2013 (“Q3FY2014”), which represents a 22.97% increase compared to RM192.55 million in its corresponding quarter ended 31 October 2012 (“Q3FY2013”). Yinson recorded a profit before tax (“PBT”) of RM16.85 million which translates into an increase of 46.77% compared to Q3 FY2013 of RM11.48 million. The Company also recorded a profit after tax (“PAT”) of RM16.23 million which translates into a jump of 74% compared to Q3 FY2013 of RM9.33 million. In respect of the 9 months ended 31 October 2013 cumulative results, the Company recorded total revenue, PBT and PAT of RM692.43 million, RM48.03 million and RM43.42 million respectively. For the 9 months ended 31 October 2013, the Company’s marine business segment reported a revenue of RM70.05 million compared to RM53.59 million for the corresponding period of FY2013. This increase was due to the increase in contribution from the charter of their two new vessels during the period under review. The Company’s transport and trading business segments reported revenue of RM80.23 million and RM541.34 million for the 9 months respectively. This translates to a decrease of RM5.01 million and RM11.62 million respectively as compared to the corresponding period in FY2013. The decline in revenue for these segments was due to the decrease in demand for the transport and trading services compounded with a decline in the average unit price of trading materials. The Company also reported a segmental profit from other operations of RM2.99 million which comprised of a once-off capital gain, unrealised foreign exchange gains and recovery of bad debts previously provided for. Commenting on the latest financial results, Yinson’s Chairman and Managing Director, Mr. Lim Han Weng (“林汉荣”), said, “We are grateful that Yinson has been growing steadily and delivering results. The Company will continue to strive to sustain our performance for the rest of the current financial year. We are looking forward to a promising year ahead” The Company had, on 20 December 2013, announced the completion of the acquisition of Fred Olsen Production (“FOP”) and the Company now owns 102,823,421 FOP shares, which translates to 97.1% of FOP’s outstanding shares. “The completion of this acquisition exercise marks a material milestone in Yinson’s corporate journey and will contribute to the Company’s future growth and success.” Mr. Lim added.