Bumi Armada posts higher net profit on lower costs

Supporting growth: Bumi Armada’s Armada Kraken FSPO vessel. The group says its focus will be on improving its performance on Armada Kraken, selectively pursuing new FPO projects and strengthening the balance sheet to support growth.

PETALING JAYA: Bumi Armada kicked off financial year 2019 (FY19) with a 28.5% increase in net profit to RM62.21mil for the first quarter ended March 31.

This came on the back of lower cost of sales, administrative expenses and finance costs, which saw net profit rising from the RM48.42mil achieved a year ago.