Yinson's Q2 net profit jumps to RM100.36mil

KUALA LUMPUR: Yinson Holdings Bhd’s net profit in the second quarter (Q2) ended July 31, 2020 rose 144 per cent to RM100.36 million from RM41.14 million in the same quarter last year.

Revenue jumped to RM995.58 billion from RM213.44 million in the corresponding quarter, mainly due to the recognition of engineering, procurement, construction, installation and commissioning (EPCIC) business activities contribution.

"EPCIC business activities contributed RM654.59 million during the period under review based on the progress measured using input method in accordance to actual costs incurred as seen reflected in the significantly higher direct expenses.

"Amid the challenging global economic environment and the volatility of other currencies against the US dollar, the group shall strive to achieve satisfactory results for the financial year ending Jan 31, 2021," it said in a filing with Bursa Malaysia.

The group’s earnings per share for the quarter under review stood at 9.18 sen (from 3.75 sen) while net assets per share was RM1.68 as at July 31, 2020.

Its share price was down six sen to RM5.64 at today's closing with 1.27 million shares traded. - Bernama