Bumi Armada core net profit deemed satisfactory

At yesterday’s close, the Bumi Armada stock finished at 23 sen, up two sen, giving the company a market capitalisation of RM1.35bil.

PETALING JAYA: Despite an impairment that dragged offshore oilfield services provider Bumi Armada Bhd into the red for the recently-concluded quarter, the company should be one of the few which are somewhat impervious to the current oil down-cycle.

This is given the long-term contracting nature of its floating production storage and offloading or FPSO business, Kenanga Research said in a report.