KUALA LUMPUR: Bumi Armada Bhd’s earnings fell sharply to RM23.43mil in the first quarter ended March 31, 2016 from the RM72.05mil a year ago due to non-cash impairment charge.
The oil and gas services-related company announced on Tuesday the non-cash impairment charge was RM17.9mil. Excluding this charge, the group would have reported net profit of RM41.3 million in the quarter.
Its revenue fell to RM430.77mil from RM572.15mil a year ago. Earnings per share were 0.4 sen compared with 1.23 sen a year ago.
The earnings before interest, tax, depreciation and amortization (EBITDA) margin for Q1 2016 improved to 58.4% from 50.2% in the first quarter 2015. EBITDA for Q1 2016 was RM251.5mil compared to RM287.0mil.
“The group generated net cash flows from operating activities for Q1, 2016 of RM544.4mil, against RM148.7mil in the same period in 2015, mainly due to collection of receivables and FPSO milestone payments. First quarter 2016 FPSO and FGS revenue of RM216.6mil accounted for 50.3% of total revenue.
“The group’s total order book as at end-March 2016 stood at RM36.4bil (RM24.2bil of firm contracts and RM12.2bil of optional extensions),” it said.
ARMADA (5210) - Bumi Armada Q1 earnings lower at RM23m but order book RM36b