Bumi Armada posts 1Q net losses due to impairments

Bumi Armada said the group’s firm orderbook at end 1Q20 was about RM18bil with additional optional extensions of up to RM10.3bil.

KUALA LUMPUR: Bumi Armada Bhd posted net losses of RM219.54mil in the first quarter ended March 31,2020 due to non-cash impairments of RM314.4mil as it took a hit from the collapse in oil prices.

The international offshore energy facilities and services provider announced on Friday the net losses were in contrast with the net profit of RM61.35mil a year ago.