KUALA LUMPUR (Dec 17): Energy infrastructure and technology group Yinson Holdings Bhd reported a 22.22% decline in net profit to RM98 million for its third quarter ended Oct 31, 2021 (3QFY22), compared with the RM126 million it achieved in 2QFY22, as it registered lower revenue on slower progress in the conversion of the FPSO Anna Nery.

Besides that, which resulted in the group recording lower progress in EPCIC (engineering, procurement, construction, installation and commission) business activities, its earnings for the quarter was also affected by a net unfavourable foreign exchange movement of RM16 million, and lower share of results from its joint ventures.

The group's revenue was down 21.9% to RM820 million from RM1.05 billion, its bourse filing showed. No dividend was declared for the quarter.

Compared to the same quarter a year ago (3QFY21), Yinson's net profit was down a marginal 3% from RM101 million previously, despite revenue being down by 64% from RM2.26 billion, as significantly lower expenses helped offset the impact of the lower topline.

For the nine months ended Oct 31 (9MFY22), the group's net profit climbed 35.48% to RM336 million, from RM248 million, mainly due to fresh contribution from FPOS Abigail-Joseph that commenced its lease in October, absence of contract acquisition costs written off of RM92 million, absence of impairment loss on tax recoverable of RM12 million, lower impairment loss on property, plant and equipment of RM19 million, and the absence of one-off RM85 million deposit forfeiture related to the lapsed proposed part acquisition of Ezion Holdings. It also benefitted from an increase in favourable foreign exchange movement of RM17 million.

These positive contributions, however, were partly offset by a 20.28% decline in revenue to RM2.87 billion from RM3.60 billion, which was mainly due to the absence of the one-off outright sale recognition of RM1.15 billion from FPSO Abigail-Joseph upon lease commencement in Oct 2020.

In a statement, Yinson's group executive chairman Lim Han Weng said the group recorded a strong 9MFY22 performance with a 72% jump in core profit compared to the last financial year.

"With our strong order book of approximately RM60 billion, we are optimistic that we can weather through potential economic volatility and continue delivering on our commitments to all our stakeholders," Lim said.

Yinson shares closed unchanged at RM5.60 on Friday (Dec 17), valuing the FPSO operator at RM6.16 billion.