Posted by Jimmy Song > 2014-03-28 08:04 | Report Abuse

YINSON WRAPS UP ITS FINANCIAL YEAR WITH A REVENUE OF RM946 MILLION GROUP DELIVERS 95% GROWTH IN BOTTOM LINE Y-O-Y KUALA LUMPUR - YINSON HOLDINGS BERHAD(“Yinson”, “the Group” or “云升控股有限公司”)announced its fourth quarter ended 31 January 2014 (Q4FY2014) with a profit after tax (“PAT”) of RM27.4 million, representing an increase of 422% compared to its corresponding quarter in the previous financial year (“Q4FY2013”). The increase in the bottom line for the quarter under review waslargely due to earnings contribution from the FSO, PTSC Bien Dong 01, which commenced operations in Q3FY2014and also from the Group’s newly acquired subsidiary, Yinson Production AS (“YPAS”, formerly known as Fred. Olsen Production ASA). For Q4FY2014, Yinson reported a revenue of RM253.5 million and a profit before tax (“PBT”) of RM32.3 million. On a quarter-on-quarter (QoQ)basis, the Group’s revenue increased to RM253.5 million compared to its last quarter (“Q3FY2014”) of RM236.8 million i.e. an increment of RM16.7 million. The Group’s Q4FY2014 PBT also reported an improvement of RM15.5 million, an increase of 91.9% as compared to its last quarter. The better PBT is mainly attributable to strong contributions from the marine and transport segments, a negative goodwill of RM49 million arising fromthe acquisitionof YPAS notwithstandingthe acquisition expenses of RM16 millionand the Group having to account for an impairment of available-for-sale investments of RM19.2 million. The Group’s full financial year ended 31 January 2014 (“FY2014”) recorded a revenue of RM945.9 million and a PAT of RM70.9 million compared to its corresponding FY2013 of RM865.2 million and RM36.3 million respectively. “In line with the management’s strategic plans in successfully completing the acquisition of YPAS, we are confident that with the Group’senhanced global presence and heightened positioning in the oil and gas industry, the Group will be able to maintain its growth trajectory going forward and capitalise on future opportunities in this area.” said Mr. Lim Han Weng, Group Executive Chairman. Yinsonheld a naming ceremony for its Vietnam bound FPSO, PTSC Lam Son at Keppel Shipyard, Singapore earlier this month and the first oil of this FPSO is scheduledfor the second half of the next financial year.With this additional FPSO, Yinson is now the 6th largest FPSO operator globally. Yinson had earlier announced its proposal for a Renounceable Rights Issue of new ordinary shares of RM1.00 per share par value to raise proceeds of up to RM600 million. The proceeds raised from the proposed exercise will be used to pare down the Group’s financial borrowings and for future expansion. For further information, please log onto http://www.yinson.com.my/ or http://www.bursamalaysia.com.my.