Bumi Armada’s 1Q net profit rebounds to RM162.8m

by ASILA JALIL / Pic credit: bumiarmada.com

BUMI Armada Bhd recorded a rebound in its net profit in its first quarter ended March 31, 2021 (1Q21), to RM162.79 million from a net loss of RM223.97 million in 1Q20, mainly due to impairment losses on vessels recognised in the period last year.

The offshore services provider’s revenue increased 1.8% year-on-year (YoY) to RM562.7 million in 1Q21 against RM552.62 million in the same period last year, contributed by an increase in revenue from the floating, production and operations (FPO) segment.

The FPO segment results increased to RM355.7 million for year-to-date 2021 (YTD21) compared to RM354.4 million for YTD20, due to higher revenue from Armada Kraken floating production storage and offloading (FPSO), which was offset by higher operating cost from Armada Olombendo FPSO.

The offshore marine services segment results increased to RM12.5 million for YTD21 compared to RM6.9 million for the same period last year, mainly due to lower foreign exchange loss arising from the translation of fixed deposits and intercompany balances denominated in foreign currencies, which was offset by lower offshore support vessel (OSV) vessel utilisation in 1Q21.

11 OSVs were sold during the quarter in line with the group’s asset monetisation initiatives for the OMS segment.

As of the end of 1Q21, the order book amounted to RM15.8 billion with additional optional extensions of up to RM9.9 billion, the group said in a statement today.