Bumi Armada posts 3Q earnings soar to RM153.41mil


KUALA LUMPUR: Bumi Armada Bhd’s web revenue jumped 79.2% to RM153.41mil within the third quarter ended Sept 30 (3Q21), from RM85.61mil a 12 months in the past.

The group generated income of RM545.7mil for the quarter ended Sept 30, a lower of RM69.9mil in comparison with the quarter ended June 30.

Bumi Armada stated the lower from the floating manufacturing and operations (FPO) phase was primarily as a result of decrease vessel availability arising from an unplanned shutdown of one of many two trains at Armada Kraken FPSO, whereas the lower in income from the offshore marine providers (OMS) phase was primarily as a result of fewer working OSVs on account of vessel gross sales.

Its working revenue earlier than impairment got here in at RM244.5mil in 3Q21, in comparison with RM279.2mil in 2Q21.

Within the first 9 months to Sept 30, Bumi Armada posted a web revenue of RM456mil on income of RM1.72bil.

Bumi Armada, in a press release, stated 4 OSVs have been offered in the course of the quarter in keeping with the group’s asset monetisation initiatives with respect to the OMS phase.

“The group recognised a achieve on sale of RM5.8mil in respect of those gross sales and an impairment of RM6.2mil in relation to sure remaining vessels,” it stated.

The group’s orderbook remained robust at RM14.6bil as at finish 3Q21, with further elective extensions of as much as RM9.6bil.

Commenting on the outcomes, chief govt officer Gary Christenson stated: “Our give attention to operational excellence and price efficiencies underpinned the stable monetary efficiency within the third quarter of 2021.”

“This has enabled us to proceed to cut back our debt and enhance our stability sheet. We’ll proceed to give attention to security, sustainability, operational excellence, and monetary self-discipline,” he stated.

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