Lim Han Weng
KUCHING: Malaysia’s integrated offshore services providerYinson Holdings Bhd registered a profit after tax (PAT) of RM20.7 million for the first nine months ended October 31 for the financial year for 2011 (FY12).
According to the group in a press release, the earnings per share (EPS) was 28.58 sen, which was 76.5 per cent higher than RM11.7 million in the same corresponding period in FY2011.
This was mainly driven by higher contribution from marine transport business and gain from disposal of properties.
A filing with Bursa Malaysia showed that Yinson’s revenue for the first nine months of FY12 stood at RM549.9 million, increased by 12.4 per cent from RM489 million in the same period in FY11, mainly attributable to the increase in volume of sales from its trading and marine transport businesses.
On a quarterly basis, Yinson posted a PAT of RM8.07 million or translated EPS of 11.14 sen for the third quarter ended October 31 improved by 222 per cent compared with RM2.5 million posted in the same period last year.
Its revenue for the second quarter stood at RM194.5 million, which was 24.5 per cent higher than RM156.2 million registered in the same period last year.
Commenting on the latest financial result, Yinson’s chairman and managing director (MD), Lim Han Weng said the company’s marine transport business was growing well and expected to continue its growth momentum going forward given the favourable environment in the oil and gas industry regionally.
“The outlook of the global economy for the rest of 2011 has become significantly more uncertain following heightened downside risks in the advanced economies which could undermine the prospects for continued global growth.
“Barring unforeseen circumstances, we shall strive to sustain a satisfactory performance for the rest of the current financial year, which is ending January 31 next year,” Lim commented.
He pointed out that the company was constantly exploring business opportunities in the oil and gas industry in the region, particularly in Vietnam, Malaysia, Indonesia and Thailand, adding that the it was currently bidding for contracts worth RM800 million in the regional marine transport industry and that its existing orderbook stood at about RM1.25 billion in total.
In addition to the financial result, Yinson’s 49 per cent owned subsidiary, PTSC South East Asia Pte Ltd, had in September secured loan facilities from UOB Group and Oversea-Chinese Banking Corporation Limited (OCBC) in Singapore for a total loan amount of US$105 million (equivalent to about RM334.2 million) with a payment term of seven years for its floating storage and off-loading (FSO) facility.
In June it had secured a bareboat charter contract for the provision and charter of a FSO worth an estimated US$331 million (equivalent to about RM1.01 billion) from PetroVietnam Technical Services Corporation for a firm period of 10 years with the option to extend for another 10 years.