Bumi Armada drops to 21-month low after reporting quarterly loss

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KUALA LUMPUR (Aug 29): Bumi Armada Bhd’s share price fell to a 21-month low of 53.5 sen, after the group reported a loss for the second quarter.

As at 3.10pm,  Bumi Armada pared some losses to trade at 54.5 sen, down 12.5 sen or 18.7% from yesterday, with 41.4 million shares done.

This gives the oil and gas support services provider a market capitalisation of RM3.93 billion.

Earlier today, Bumi Armada reported a net loss of RM585.48 million for the second quarter ended June 30, 2018 (2QFY18), compared with a net profit of RM116.59 million a year earlier.

The group attributed this to a lower revenue and an impairment charge of RM478.94 million.

Quarterly revenue fell to RM654.04 million, from RM694.42 million in the previous year’s second quarter.