Bumi Armada posts 1Q2019 net profit of RM62 million

Malaysia-based international offshore energy facilities and services provider Bumi Armada has reported a net profit of RM62.2 million (US$14.86 million) of the back of revenue of RM491.6 million (US$117.41 million) in the first quarter of 2019 (1Q2019).

The FPO business reported revenue of RM425.6 million (US$101.65 million). The decline versus the 1Q2018 revenue of RM460.3 (US$109.94 million) is due to lower revenue from Armada TGT 1 FPSO, with the vessel now in its extension agreement contract.

The OMS business reported revenue of RM66 million (US$15.76 million). The decline versus 1Q2018 revenue of RM140 million (US$33.44 million) is due to Armada Installer and Armada Constructor completing their contracts at the end of 2018.

The OSV segment was unchanged in 1Q2019, as fleet utilization remained below 40 per cent.

Offsetting the revenue decline were reductions in expense for cost of sales, selling and distribution cost, and administrative cost. In addition, the group had a stronger contribution from its joint venture and associates in 1Q2019 versus 1Q2018.

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