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Yinson FPSO comes onstream, boosts FY18Q2 profits

Yinson FPSO comes onstream, boosts FY18Q2 profits
A jump in marine business revenue from the start of charter of the FPSO John Agyekum Kufuor (FPSO JAK) in June combined with the stronger US Dollar to lift Yinson Holdings' to a 38.5% rise in net profit for the FY18 second quarter ended 31 July to MYR83.6m ($19.8m) from MYR60.4m previously.

Revenue meanwhile almost doubled to MYR217.2m from MYR114.5m previously.Yinson said in a stock market announcement revenue from marine segment rose by more than half to MYR389m from MYR229.8m in the previous corresponding period.

Segment pre-tax profits rose to MYR176.9m from MYR74.6m mainly due to better profit contribution from the higher recorded revenue and lower impairment loss on trade and other receivables but was offset by impairment losses on property, plant & equipment.

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, emerging new alternative energy resources and financial institutions' risk appetite towards the sector.

Global economic activity is expected to remain subdued despite unprecedented easing of monetary conditions in major economies, it added.

“Amid the challenging global economic environment and the volatility of other currencies against US dollar, we shall strive to achieve satisfactory results for the financial year ending 31 January 2018,” it concluded.

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