For the current quarter ended 31 January 2017, however, net profit rose 9% to MYR51.2m from MYR47.2m on revenue of MYR185.5m.
The company said in a stock market announcement that full-year revenue from the key marine segment rose more than a quarter to MYR542.7m from MYR424.3m in the previous corresponding period.
Yinson said the increase came mainly from higher marine business as well as the stronger US Dollar, which resulted in higher revenue on conversion into Ringgit.
The marine business saw operational profit drop by 10% to MYR145.3m from MYR159.9m mainly due to a decrease in favourable net foreign exchange, higher impairment loss on receivables of MYR29.3m and reversal of other operating income related to accrued reimbursable income tax expenses of MYR69.3m.
Looking ahead, Yinson said: "The short-term to medium-term outlook in the oil and gas sector remains challenging and uncertain due to protracted oversupply. Overall global economic conditions remain challenging, with higher downside risks. Moving forward, global economic activity is expected to remain subdued despite unprecedented easing of monetary conditions in major economies. Amid the challenging global economic environment and the volatility of other currencies against US dollar, the group shall strive to achieve satisfactory results for the next financial year ending 31 January 2018."
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