Yinson earnings down to RM98mil in third quarter

KUALA LUMPUR: Yinson Holdings Bhd’s net profit fell to RM98mil in the third quarter ended Oct 31, 2021 from RM101mil in the same period last year.

“The decrease was mainly due to lower progress from engineering, procurement, construction, installation and commissioning business activities and net unfavourable foreign exchange movement of RM16mil,” it said in a filing with Bursa Malaysia yesterday.

The energy infrastructure and technology group said its revenue shrank to RM820mil during the quarter under review from RM2.26bil previously.

For the cumulative nine months ended Oct 31, 2021, Yinson said its net profit widened to RM336mil from RM248mil previously while revenue narrowed to RM2.87bil from RM3.6bil.

The group said as oil and gas is its primary source of revenue, it is cognisant of the challenges faced by the industry, including the changing appetite of financial institutions towards the industry and climate change risk. — Bernama

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