Bumi Armada said the lower profit was due to higher depreciation arising from revision of vessels’ useful lives and residual values in 2020, and gain on disposal of joint ventures and property, plant and equipment (including Armada Perdana) a year ago.
KUALA LUMPUR: Bumi Armada Bhd
’s net profit fell by 44% to RM85.62mil in the third quarter ended Sept 30 due to lower operating profit and impairments compared with net profit of RM153.37mil a year ago.
The offshore energy facilities and services provider said on Thursday operating profit before impairment fell by 11% to RM222.05mil compared with RM248.64mil a year ago.
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