KUALA LUMPUR: Announcing Bumi Armada Bhd
's third quarter financial performance, CEO Gary Christensen says the group will continue to pursue new projects amid the higher energy prices.
"It was pleasing that during the quarter we successfully conducted the planned process shutdowns of two of our vessels in a safe and efficient manner and restarted ahead of plan.
"The FPO fleet continued to deliver stable operations and we remain focused on safety, sustainability, operational excellence and financial discipline," he said in a statement.
Over the quarter under review, Bumi Armada reported a net profit of RM149.72mil, down from RM153.41mil in the same quarter in 2021.
It said bottomline was negatively impacted by a downward revision in the estimated residual value of its vessels.
Earnings per share fell to 2.53 sen from 2.6 sen in 3Q21.
Revenue during the quarter was RM653.07mil, up from RM517.92mil.
According to the group, the group recorded higher revenue contribution from higher progress of completion of the Subsea Construction contract work in the Caspian Sea during the quarter, as compared to the preceding quarter.
It said cash generation remained strong with net operating cash flow of RM512.2mil, which enabled it to repay almost US$74.8mil of debt during the quarter.
It added that the future firm orderbook as at end-September 2022 stood at RM13bil with additional optional extensions of up to RM9.9bil.
Year-to-date, Bumi Armada recorded a net profit of RM521.73mil, up from RM456.07mil in 3Q21 while revenue rose to RM1.8bil from RM1.65bil.
