More provisions from Bumi Armada
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BUMI Armada Bhd, the service provider to oil and gas companies, has provided for no less than RM5.8bil as impairments for its assets since the financial year 2016. The bulk of the provisioning was taken up at the group level.
If anybody had thought that the company, which is owned by T. Ananda Krishnan, was done with provisioning for its assets, they were proven wrong. In the latest quarter results, the company sunk into the red due to the setting aside RM314mil for impairments for its offshore marine services (OMS) segment.
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