BUMI ARMADA NETS RM153.37M IN Q3
Group swings back to profit from RM502.83m loss for same period last year
BUMI Armada Bhd posted a net profit of RM153.37 million in the third quarter ended Sept 30 this year, reversing the RM502.83 million net loss a year ago.
This was boosted by RM81.8 million of “other operating income”, which included gain on disposal of joint ventures and property, plant and equipment and higher share of results from joint ventures arising from tax exemptions obtained for Armada Sterling FPSO and Armada Sterling II FPSO in the third quarter last year.
Revenue in the quarter under review eased 10.2 per cent to RM527.81 million from RM588.05 million last year, mainly arising from the offshore marine services (OMS) segment due to the completion of the LukOil project in the Caspian Sea in December last year.
Bumi Armada executive director and chief executive officer Gary Christenson said the group’s floating production and operation (FPO) business was stable, registering a 2.3 per cent quarter-on-quarter improvement in revenue this year.
“In the OMS business, we disposed of five more OSVs in the third quarter and we continue to pursue new contracts for our two SC (subsea construction) vessels in the Caspian Sea.”
The group’s order book stood at RM18.5 billion in the third quarter, with additional optional extensions of up to RM10 billion.
For the nine-month period, Bumi Armada recorded a net profit of RM293.79 million from a RM1.04 billion net loss registered during the same period last year, while revenue decreased 15.6 per cent to RM1.56 billion from RM1.84 billion.