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PETALING JAYA: Maybank IB Research has maintained its “sell” call on Bumi Armada Bhd and highlighted that the latter’s stretched balance sheet remains a key concern.
KUALA LUMPUR: Offshore energy facilities and services provider, Bumi Armada Bhd posted a strong set of results in the second quarter with net profit of RM119.77mil, up by 53% from RM78.20mil a year ago.
Stocks appear cheap but sector’s outlook remains challenging
PETALING JAYA: The recent rally in oil and gas (O&G) counters on Bursa Malaysia was short-lived as the sector’s turnaround remains sluggish with demand recovery expected to face roadblocks due to a fresh wave of coronavirus (Covid-19) infections.
Worst slump in contract awards yet to come, say analysts
Market reacts to Opec+ decision to increase production cuts
MALAYSIAN shares continued their good run in the first week of June, fuelled by liquidity and optimism over economic revival as global Covid-19 lockdowns ease. This is in tandem with global market trends.
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.
BUMI Armada Bhd, the service provider to oil and gas companies, has provided for no less than RM5.8bil as impairments for its assets since the financial year 2016. The bulk of the provisioning was taken up at the group level.