KUALA LUMPUR, 30 JUNE 2015 – YINSON HOLDINGS BERHAD (“Yinson” or the “Group”), Malaysia’s premier integrated offshore production and support services provider, announced its first quarter results for its financial year ending 31 Jan 2016 (“Q1FYE2016”) today with a revenue of RM256.6 million.
For the quarter under review, the Group reported a profit before tax (“PBT”) and profit after tax (“PAT”) of RM19.94 million and RM10.74 million respectively. On an earnings per share basis, this translates to basic earnings of 1.01 sen per share.
In terms of the Group’s core profit, Yinson delivered a PAT of RM40.6 million, translating to an increase of 11.5% as compared to its corresponding quarter in its last financial year (“Q1FYE2015”) as shown in the Graph below:-
“Our core earnings for our current financial quarter remained strong despite the various external negative impacting factors. The downside risks to growth outlook continue to persist due to prolonged weakness in domestic demand, however it is a positive sign that the price of oil has started to stabilise.” commented Mr. Lim Han Weng, Executive Chairman of the Group.
Mr. Lim also said despite the challenging global environment, the Group will strive to end the year on a positive note.
As at 30 April 2015, the Group’s balance sheet remains very healthy with total equity of RM1.46 billion.
Corporate Highlights
On 25 June 2015, the Group announced a proposed private placement of up to 103,279,844 placement shares representing up to 10% of the issued and paid-up share capital of the Group which is subject to approval from Bursa Securities and shareholders. The proposed utilisation of proceeds will be for repayment of bank loan and working capital.
On 29 June 2015, the Group has received an offer from Liannex Labuan Limited to purchase the non-oil and gas assets of the Group for a consideration of RM228 million.
“The rationale of the proposed acquisition exercise will be to streamline the Group’s business operations and be a full-fledged oil and gas player within the industry.” Mr. Lim added.
