Bumi Armada returns to the black in 3Q17 with RM152.32 mln pre-tax profit

KUALA LUMPUR: Malaysiabased international offshore energy facilities and services provider, Bumi Armada Bhd, has returned to the black with a pre- tax profit of RM152.32 million in the third quarter ended Sept 30, 2017 ( 3Q17) against a pre- tax loss of RM83.02 million recorded in the same period last year.

Revenue soared to RM641.39 million, during the period under review, from RM377.50 million, previously, it said in a filing to Bursa Malaysia yesterday.

For the cumulative nine months, it recorded a pre- tax profit of RM411.92 million from a pre-tax loss of RM552.73 million, on the back of better revenue which surged to RM1.739 billion from RM1.211 billion in the corresponding period in 2016.

In a separate statement, Bumi Armada said, during the quarter, the group saw an increase in revenue from the floating production and operation ( FPO) business, against the previous quarter, as the delivery of the new projects continued to yield improving contributions.

T he F PO bu s i n e s s revenues in 3Q17 increased by 247.2 per cent, year- onyear, to RM402.7 mi l lion, due to stable or improving contributions across all the Floating Production Storage and Off loading ( FPSO) and Floating Storage Unit ( FSU) units during the quarter, said the group.

It added the Offshore Marine Services ( OMS) revenue in 3Q17 declined quarter- onquarter, mainly due to the one- off revenue recognition from the LukOi l project in the second quarter ( 2Q) of 2017 while the Of fshore Support Vessels ( OSV) f leet utilisation registered a slight improvement at 54 per cent versus 53 per cent in 2Q17. — Bernama