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Yinson Q3 profit down 26% to $14.1m

Yinson Q3 profit down 26% to $14.1m
Yinson Holdings saw third quarter net profit fall 26% to MYR63.1m ($14.1m) from MYR85.7m in the previous corresponding period, although revenue rose MYR127.9m from MYR110.7m previously.

For the first nine months, net profit fell to MYR145.8m from MYR174.6m previously, the company said in a stock market release.

At a segmental level, revenue from the key marine segment rose 16% to MYR357.6m from MYR308.1m in the previous corresponding period.

Yinson said the increase arose mainly from better marine business while the stronger US Dollar had resulted in the higher revenue that was translated into Ringgit. The company does not report segmental results on a per quarter basis.

Marine segment pre-tax profits rose 69% to MYR132.6m

mainly due to improvement in gross profit margin arising from more efficient cost control measures and absence of one-off impairment loss on plant and equipment although this was offset by a decrease in favourable net foreign exchange gains and higher charges made on receivables of MYR9.9m.

Yinson said the short to medium-term outlook in the oil and gas sector remains challenging and uncertain due to protracted oversupply. Meanwhile overall global economic conditions remain challenging, with higher downside risks, it added.

For the future, Yinson said: "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 USD, the Group shall strive to achieve satisfactory results for the financial year ending 31 January 2017."

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