KUALA LUMPUR, June 24 — Yinson Holdings Bhd recorded a lower net profit of RM46.72 million in the first quarter ended April 30, 2020 (Q1) compared with RM49.85 million in the previous corresponding period.

Revenue increased RM343.75 million from RM208.99 million previously.

In a filing with Bursa Malaysia, the company said the long-term outlook for the oil and gas industry remained challenging, with the emergence of new alternative energy sources and a lower financial institutions risk appetite towards the sector.

"Overall, the current global economy is exposed to the risk of ongoing trade protectionism, uncertain geopolitical conditions and the disruption of the global trade chain caused by Covid-19, bringing higher downside risks.

"Monetary policy instability in major economies and unsettled global trade disputes will likely result in prolonged negative effects on the world economy,” it said.

The management is cautiously confident in the Group’s ability to stay resilient through the challenges with existing order books and a continued positive performance in project execution and operations.

Amidst 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 January 31, 2021. — Bernama