Bumi Armada vessel Armada LNG Mediterrana
KUALA LUMPUR: Offshore energy facilities and services provider, Bumi Armada Bhd posted a strong set of results in the second quarter with net profit of RM119.77mil, up by 53% from RM78.20mil a year ago.
In a statement issued on Friday, it reported revenue for the quarter ended June 30, increased by 13.2% to RM606.79mil from RM535.64mil a year ago. Earnings per share were 2.04 sem compared with 1.33 sen.
“The floating production & operations (FPO) business continued to deliver stable operations and generated RM521mil or 86% of total revenue during the second quarter of 2020, ” it said.
Bumi Armada said its revenue came from the FPO business, as the offshore marine services (OMS) business saw revenue decline in 2Q FY20, compared to a year ago and in the first quarter.
Operating profit before impairment increased to RM246.6mil in 2Q, compared to RM201.3 million a year ago.
It said the future firm orderbook at the end of 2Q20 amounted to about RM17.2bil, with additional optional extensions of up to RM10.1bil.
Bumi Armada CEO Gary Christenson said: “Our focus on FPO operations and cost reductions underpinned our financial performance. We will continue to take a prudent approach and focus on safety, sustainability, operational excellence, and financial discipline."
However, in the first half, it posted net losses of RM104.19mil compared with net profit of RM140.42mil in the previous corresponding period. Its revenue increased to RM1.16bil from RM1.027bil.