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YInson Holdings 2014 profit jumps 77% on one-off gains

YInson Holdings 2014 profit jumps 77% on one-off gains
Malaysian budding floating production storage and offloading (FPSO) vessel player Yinson Holdings posted almost flat fourth quarter net profit of MYR99.7m ($26.8m) up 1.2% from MYR98.6m in the previous corresponding quarter, according to a stock market announcement.

Revenue for the quarter rose 1.7% to MYR253.6m from MYR249.4m in the previous corresponding period.For the full-year net profit rose 77% to MYR247.5m from MYR139.8m previously as the group made one-off gains from the disposal of a subsidiary and joint venture, increase in forex exchange gains, fair value gains on forward contracts, increased contribution from marine segment and an increase in its share of profits from a joint venture.

Full-year revenue rose 14.67% to MYR1.08bn from MYR941.9m previously.The marine segment in particular benefitted from an increase in revenue of MYR272m during the year due to increase in contributions from new subsidiary, Yinson Production AS, which the group acquired in December 2013.

Yinson sees challenges ahead from continued weaknesses in major economies and oil price uncertainties.