KUALA LUMPUR: Bumi Armada Bhd posted net profit of RM162.79mil in the first quarter ended March 31,2021 (Q1FY21), which was a turnaround from the net loss of RM223.96mil a year ago.
The international offshore energy facilities and services provider said its revenue rose by 1.8% to RM562.70mil from RM552.62mil a year ago.
Earnings per share were 2.77 sen compared with loss per share of 3.81 sen.
It also performed better than the fourth quarter ended Dec 31,2021 (4QFY20), with net profit rising to RM162.79mil from RM144.10mil on-quarter.
“In Q1FY21, the floating production & operation (FPO) business continued to deliver solid performance and generated RM495.1mil or 88% of total reported revenue during the quarter.
Operating profit before impairment increased to RM278.20mil from RM214.60mil in 4QFY20, ” it said.
However, its revenue fell by RM53.30mil to RM562.70mil in the latest quarter from Q4FY20’s RM616mil which it attributed to the decrease in the FPO segment.
Bumi Armada said this was due to lower vessel availability for Armada Kraken floating production storage & offloading (FPSO).
The decrease in revenue in the offshore marine services (OMS) segment was mainly due to lower offshore support vessels (OSV) utilisation in Q1FY21 compared to the previous quarter.
Eleven OSVs were sold during the quarter in line with the group’s asset monetisation initiatives with respect to the OMS segment. The future firm orderbook at the end of Q1FY21 amounted to RM15.8bil, with additional optional extensions of up to RM9.9bil, it said.