Yinson earnings soar on unit disposal gains

Yinson's Lam Son floating production, storage and offloading vessel.

PETALING JAYA: Oil and gas services provider Yinson Holdings Bhd saw its net profit soar more than four-fold to RM85.79mil in its third quarter ended Oct 31 from RM15.51mil in the same quarter a year ago, thanks to gains from the disposal of a subsidiary, increase in forex exchange gains and an improvement in its marine segment business.

The gain came about from the disposal of its entire equity interest in Nautipa AS for US$57.1mil (RM199.21mil) via its wholly owned indirect subsidiary of Yinson Production AS to BW Offshore Ltd’s wholly owned subsidiary Prosafe Production Public Ltd on Oct 8. The forex gains amounted to RM24.82mil.