Lower Q3 profit for Bumi Armada

KUALA LUMPUR: Offshore oil and gas service provider Bumi Armada Bhd recorded a 7.49% lower third-quarter net profit of RM92.57mil compared to a year ago on the back of 22.8% higher revenue of RM403.92mil, due to higher depreciation cost, interest charge and tax expense arising from its operations.

Despite the weaker third-quarter results, chief executive officer Hassan Basma is bullish about the group, riding on the improved industry outlook, with investments climbing to a 20-year high in the oil and gas industry.