Bumi Armada posts net profit of RM153.37m in 3Q as offshore marine services lift

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KUALA LUMPUR (Nov 22): Bumi Armada Bhd posted a net profit of RM153.37 million in the third quarter ended Sept 30, 2019 compared to a net loss of RM502.83 million a year earlier, driven mainly by its offshore marine services (OMS) segment.

In a bourse filing today, the offshore energy facilities and services provider said revenue for the quarter was lower at RM527.81 million versus RM588.05 million a year earlier.

Earnings per share was 2.61 sen compared to loss per share of 8.56 sen.

For the nine months ended Sept 30, Bumi Armada posted a net profit of RM293.79 million versus a net loss of RM1.04 billion in the year-ago period. Revenue for the period fell to RM1.56 billion from RM1.84 billion previously.

In a separate statement, Bumi Armada executive director and chief executive officer Gary Christenson said in the third quarter of 2019, the group's floating production and offloading business was stable, registering a 2.3% quarter-on-quarter improvement in revenue.

"In the OMS business, we disposed of five more offshore support vessels in the third quarter and we continue to pursue new contracts for our two subsea construction vessels in the Caspian Sea.

"Going forward, the group will continue to focus on safety, improvements in overall operational performance, financial efficiencies and the monetisation of selected assets," he said.

Christenson said Bumi Armada's firm order book at the end of the third quarter of 2019 was approximately RM18.5 billion, with additional optional extensions of up to RM10 billion.

At the midday break, Bumi Armada shares were unchanged at 51.5 sen for a market capitalisation of RM3.03 billion.