KUALA LUMPUR: Bumi Armada Bhd recorded a net profit of RM185.76mil in the first quarter ended March 31, 2022, which is a 14.11% improvement over RM162.79mil in the previous corresponding quarter.
Revenue came in 19.9% lower to RM529.01mil as compared to RM539.7mil in the comparative quarter.
In a filing with Bursa Malaysia, the offshore energy services provider said the improved profit was due to “lower depreciation of property, plant and equipment, tax expense and finance costs, offset by lower other operating income”.
The group said it had completed the disposal of its subsidiaries, which own three ice-class vessels, during the quarter for US$44.5mil (RM195.47mil) cash.
It said the proceeds from the disposal went towards debt reduction.
An additional offshore support vessel was also sold during the quarter, in line with the group’s asset monetisation initiatives.
“The floating production and operation fleet continued to deliver stable operations in the first quarter.
“Our focus on operational excellence and cost efficiencies underpinned the solid financial performance over the same period,” said chief executive officer Gary Christenson.
He added that the improved financial position enabled the group to turn its attention to pursuing new opportunities in targeted markets.
Bumi Armada’s order book at the end of the first quarter amounted to RM13.2bil, with additional optional extensions of up to RM9bil.