Posted by Jimmy Song > 2014-06-30 07:35 | Report Abuse

YINSON’S OFFSHORE PRODUCTION AND SUPPORT SERVICES PROFIT INCREASES MORE THAN 3 FOLDS THE GROUP’S FPSO PTSC LAM SON HAS PRODUCED ITS FIRST OIL IN VIETNAM KUALA LUMPUR - YINSON HOLDINGS BERHAD (“Yinson”, “the Group” or “云升控股有限公司”) announced its first quarter for its financial year ending 31 January 2015 (“Q1FYE2015”) with revenue of RM294.1 million which represents a 28.8% increase compared to its corresponding quarter in the last financial year (Q1FYE2014).For the current quarter under review, Yinson reported a profit before tax (“PBT”) and profit after tax (“PAT”) of RM37.9 million and RM31 million which translates to an increase of 110.7% and 93.5% respectively, compared to Q1FYE2014. On a quarter-on-quarter performance, the Group delivered a stable increase in revenue, PBT and PAT of RM40.6 million, RM5.5 million and RM3.6 million respectively. The increase in profits are partly due to the increase in profit contribution from the commissioning of the Group’s floating production, storage and offloading vessel (“FPSO”) – PTSC Lam Son. The Group’s offshore production & support services segment delivered earnings before interest and tax (“EBIT”) of RM51.7 million which represents a staggering growth of 251% as compared to its corresponding quarter last year. The significant growth is mainly due to the contribution from the Group’s new subsidiary, Yinson Production As (“YPAS”), which was acquired in December 2013. HIGHLIGHTS FOR 2014 On 6 June 2014, the Group’s FPSO, PTSC Lam Son, produced its first oil ahead of schedule. The total contract value for this project amounts to USD737.3 million over a fixed period of seven (7) years, with an optional extension period of up to three (3) years. On 9 June 2014, The Group successfully completed the acceptance and payment of its rights issue. The Group received a total of 278.9 million subscriptions which represents an over subscription of 20.7 million shares or approximately 8.03% over the total of 258.2 million rights shares. The exercise raised a total gross proceeds of RM568 million, which will be utilised for the Group’s expansion activities and repayment of borrowings. On 26 June 2014, The Group successfully executed their share split exercise resulting in the subdivision of 2 ordinary shares for every 1 ordinary share held. “We would like to thank our shareholders for your continued support and trust in the Group throughout our corporate journey. We are optimistic that we will be able maintain our growth trajectory in the foreseeable future and continue to create more value for our shareholders.” said Mr. Lim Han Weng, Group Executive Chairman. For further information, please log onto http://www.yinson.com.my/ or http://www.bursamalaysia.com.my.