Yinson posts higher 1Q net profit of RM60.3m

YINSON Holdings Bhd more than doubled its net profit to RM60.29 million, or earnings per share (EPS) of 5.54 sen, for the first-quarter (1Q) ended April 30, 2017, versus RM22.38 million, or EPS of 2.05 sen, it made in 1Q16.

In an exchange filing yesterday, the floating, production, storage and offloading (FPSO) service provider noted a 49% year-on-year (YoY) increase in turnover to RM172.41 million on higher income from its marine business and joint ventures (JV), and associates as well as lower net unfavourable foreign-exchange movement.

Revenue from its marine segment grew nearly 50% YoY to RM172.06 million on improved marine business and stronger US dollar.

Meanwhile, the share of the results of JV rose 12.7% YoY to RM26.91 million from RM23.87 million in the preceding year on the back of appreciation of the greenback against the local unit.