KUALA LUMPUR: Yinson Holdings Bhd posted a lower net profit of RM200 million for the third quarter ended Oct 31, 2024 (3Q FY2025), compared to RM248 million in the same period last year.
Revenue for the quarter declined to RM1.85 billion from RM2.81 billion previously.
In a filing with Bursa Malaysia today, Yinson said the lower revenue for the quarter under review was mainly attributed to a lower contribution from its engineering, procurement, construction, installation, and commissioning (EPCIC) business activities.
"This was due to lower reported progress for the group floating production storage and offloading (FPSOs) units under construction during the current quarter.
"However, this was moderated by gains from the remeasurement of finance lease receivables arising from lease extension for FPSO Abigail Joseph and charter day rate escalations for FPSO Maria Quit" it said.
The group clarified that project progress is in line with expectations.
Yinson also noted that the group pretax profit for 3Q FY2025 decreased by 11 per cent to RM297 million from RM333 million in Q2 FY2025.
"The decline reflects the same factors impacting revenue but was partially offset by one-off impacts of the reversal of impairment of property, plant, and equipment of RM18 million and gain on disposal of a subsidiary of RM163 million including recycling of associated foreign currency translation reserves to profit or loss," it added.
Looking ahead, Yinson said as FPSO Atlanta and FPSO Agogo commence their charter periods over the next year, the group will transition into stable growth, where it s expected to receive steady, contracted income streams for the coming decades.
The strong focus on deliveries means we will pause significant new investments until current projects are completed, and cash flows begin, the company said.
Yinson said it remains confident in achieving satisfactory results for the financial year ending Jan 31, 2025, supported by its portfolio of long-term contracts.
The group also declared a third interim single-tier dividend of one sen per share for FY2025, with the entitlement and payment date to be announced later.