KUALA LUMPUR: Bumi Armada Bhd posted net profit of RM162.79mil in the first quarter ended March 31,2021 which was a turnaround from the net loss of RM223.96mil a year ago.

The international offshore energy facilities and services provider said on Tuesday its revenue rose by 1.8% to RM562.70mil from RM552.62mil a year ago. Earnings per share were 2.77 sen compared with loss per share of 3.81 sen.

It also performed better in the fourth quarter ended Dec 31,2021 with net profit rising to RM162.79mil from RM144.10mil on-quarter.

“In 1Q21, the floating production & operation (FPO) business continued to deliver solid performance and generated RM495.1mil or 88% of total reported revenue during the quarter. Operating profit before impairment increased to RM278.20mil from RM214.60mil in 4Q20, ” it said.

However, its revenue fell by RM53.30mil to RM562.70mil in 1Q21 from 4Q20’s RM616mil which it attributed to the decrease in the FPO segment.

Bumi Armada said this was due to lower vessel availability for Armada Kraken floating production storage & offloading (FPSO).

The decrease in revenue in the offshore marine services (OMS) segment was mainly due to lower offshore support vessels (OSV) utilisation in 1Q21 compared to 4Q20.

“Eleven OSVs were sold during the quarter in line with the group’s asset monetisation initiatives with respect to the OMS segment. The future firm orderbook at the end of 1Q21 amounted to RM15.80bil, with additional optional extensions of up to RM9.90bil, ” it said.

Commenting on the results, Bumi Armada CEO Gary Christenson said: “Despite operational and logistical hurdles caused by the Covid-19 pandemic, Bumi Armada has maintained our excellent HSE performance in the first quarter of 2021 with zero lost-time injuries.

“Our focus on operational excellence and cost efficiencies underpinned the solid financial performance over the same period. We will continue to focus on safety, sustainability, operational excellence, and financial discipline.”