Bumi Armada 3Q net profit at RM153m

  • Corporate News
  • Friday, 22 Nov 2019

Bumi Armada's Armada LNG Mediterrana 2

KUALA LUMPUR: International offshore energy facilities and services provider BUMI ARMADA BHD posted net profit of RM153.37mil compared with net loss of RM502.82mil a year ago.

It said on Friday the 3Q net profit was 96.2% over 2Q's net profit of RM78.20mil, boosted by RM81.8mil of other operating income. The operating income included gain on disposal of joint ventures and property, plant and equipment including Armada Perdana. There was higher share of results from joint ventures arising from tax exemptions obtained for Armada Sterling FPSO and Armada Sterling II FPSO in 3Q.

Its revenue was RM527.81mil, down 10.2% from RM588.05mil a year ago. Earnings per share were 2.61 sen compared with loss per share of 8.56 sen.

Bumi Armada said in the 3Q, the floating production & offloading (FPO) business generated revenue of RM453.9mil with the increase over 2Q coming from higher contributions from Armada Kraken FPSO.

For the nine months, it staged a turnaround with net profit of RM293.79mil compared with a net loss of RM1.04bil in the previous corresponding period. Its revenue fell by 15.5% to RM1.55bil from RM1.84bil.

Bumi Armada executive director and CEO Gary Christenson said in 3Q 2019, our FPO business was stable, registering a 2.3% improvement in revenue over 2Q.

“In the offshore marine services (OMS) business, we disposed of five more offshore support vessels (OSVs) in the third quarter and we continue to pursue new contracts for our two subsea construction (SC) vessels in the Caspian Sea, ” he said.

Christenson said the group will continue to focus on safety, improvements in overall operational performance, financial efficiencies and the monetisation of selected assets.

Its firm orderbook at the end of 3Q was about RM18.5bil, with additional optional extensions of up to RM10bil.

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