KUALA LUMPUR : Bumi Armada Bhd returned to the black with a net profit of RM78.21 million in the second quarter (Q2) ended June 30, 2019, after recorded a net loss of RM585.48 million a year ago. Revenue, however, eased to RM535.64 million from RM654.04 million previously, it said in a filing with Bursa Malaysia yesterday. Firm order book at the end of the quarter under review was approximately RM18.9 billion, with additional optional extensions of up to RM9.9 billion, it said.
Commenting on the results, executive director/ chief executive officer Gary Christenson said there was a noticeable improvement in the performance of Armada Kraken floating production storage and offloading, which helped the overall floating production and operation (FPO) revenue. Meanwhile, the other FPO assets continued to deliver stable performances.
“The oil movement and storage business saw a noticeable improvement in the offshore support vessel fleet utilisation, mainly due to higher demand in Malaysia. The vessels in the Caspian Sea, however, continue to seek new contracts. “Over the rest of 2019, the group will continue to focus on the initiatives highlighted previously, namely safety, operational performance improvements and various financial efficiencies, including selective asset disposals,” he added. – Bernama
