Bumi Armada 2Q net profit rises to RM139.86mil

TheStar Fri, Aug 27, 2021 01:36pm - 1 year View Original

KUALA LUMPUR: Bumi Armada Bhd recorded a net profit of RM139.86mil in the second quarter ended June 30, 2021, a 16.77% jump over RM119.77mil in the previous corresponding quarter on improved contribution from the floating production and operation (FPO) business.

Revenue for the quarter under review rose 14.44% to RM615.56mil from RM606.8mil in the comparative quarter.

The group said in a statement that the FPO business' contribution rose 2.28% year-on-year to RM533.1mil or 87% of the total reported revenue in the quarter.

The segment contribution was also sequentially higher from RM495.1mil in 2Q2020 due to higher vessel availability for the Armada Kraken FPSO.

Revenue from the offshore marine services (OMS) segment however was lower at RM82.5mil versus RM85.6mil in the second quarter of last year.

Sequentially, it was higher from RM67.6mil in the preceding quarter due to higher OSV utilisation during the current quarter.

Operating profit before impairment was RM279.2mil in 2QFY21 as compared to RM246.6mil in the same quarter last year.

The group added that two OSVs were sold in the quarter in line with its asset monetisation initiatives with respect to the OMS segment.

However, despite a gain on sale of RM12.2mil, an impairment of RM103.7mil was recognised in relation to certain remaining vessels.

The group's orderbook at end-June stood at RM14.9bil with additional optional extensions of up to RM9.5bil.

"Our focus on operational excellence and cost efficiencies underpinned the solid financial performance in the second quarter of 2021.

"We will continue to focus on safety, sustainability, operational excellence, and financial discipline," said Bumi Armada CEO Gary Christenson.


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