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Yinson just announced their first quarter results, so let’s go through the report together.

Quarterly report: https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3567750

Profit & loss: Declining revenue & profit following the completion of FPSO vessel construction

At a glance, we see the declining trend continues in both Revenue and Profits, the reason of which I’ve discussed before in the deep dive article previously. So this is not unexpected.

It’s also worth noting that MYR/USD dropped from roughly RM4.45/USD to about RM4.30/USD during the period and is currently hovering around ~RM4.20/USD, so I do expect forex fluctuations to still put pressure on the MYR reported earnings in the near term.