PETALING JAYA: Bumi Armada Bhd returned to positive territory with a net profit of RM153.37 million for the third quarter ended Sept 30, compared with a net loss of RM502.83 million a year before due to gain on disposal of joint ventures and property, plant and equipment and a higher share of results from joint ventures arising from tax exemptions.
Revenue for the quarter stood at RM527.81 million, 10.2% lower than RM588.05 million in the previous corresponding quarter.
In a statement filed with Bursa Malaysia, Bumi Armada CEO Gary Christenson said the group’s floating production and operation (FPO) business had been stable in the third quarter, registering a 2.3% improvement in revenue from 2Q19.
“In the optical metrology services (OMS) business, we disposed of five more offshore support vessels (OSV) in the third quarter and we continue to pursue new contracts for our two SC vessels in the Caspian Sea,” he said.
For the nine months ended Sept 30, Bumi Armada posted a net profit of RM293.8 million, from a net loss of RM1.04 billion previously mainly due to impairment losses recognised in 9M18.
Revenue was 15.6% lower at RM1.56 billion, from RM1.84 billion attributed to the OMS segment due to the completion of the LukOil project in the Caspian Sea in December 2018.
Looking ahead, Christenson said the group will continue to focus on safety, improvements in overall operational performance, financial efficiencies and the monetisation of selected assets.
The Group’s firm orderbook at the end of 3Q19 was approximately RM18.5 billion, with additional optional extensions of up to RM10 billion.
source https://www.thesundaily.my/business/bumi-armada-swings-back-to-black-in-q3-posts-net-profit-of-rm153m-XK1639617
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