Bumi Armada posts Q1 2020 net loss of MYR224 million

Malaysia-based offshore energy facilities and services provider Bumi Armada posted a revenue of MYR552.6 million (US$127.7 million) during the first quarter of 2020 compared to MYR515.6 million (US$119.15 million) for the previous quarter.

The company said its floating production and offloading (FPO) business delivered stable operations in Q1 2020 and generated MYR462.1 million (US$106.78 million) or 83 per cent of total revenue during the quarter.

The company had also generated an operating profit before impairment of MYR241.9 million (US$55.9 million) in Q1 2020 compared to MYR167 million (US$38.59) in Q1 2019.

Q1 2020 also saw a collapse in oil prices, resulting in collapsed demand in the oil service sector. Thus, it has taken non-cash impairments of MYR314.4 million (US$72.65 million) against the OMS business.

On the back of these impairments, the company reported a net loss of MYR224 million (US$51.76 million) in Q1 2020.

Bumi Armada’s firm orderbook at the end of Q1 2020 was approximately MYR18 billion (US$4.16 billion), with additional extension options of up to MYR10.3 billion (US$2.38 billion).