Bumi Armada Q3 net profit falls 10.8%

PETALING JAYA: Bumi Armada Bhd's net profit for the third quarter ended Sept 30, 2014 fell 10.8% to RM108.1 million from RM121.2 million a year ago.
Its revenue rose 7.9% to RM636.5 million from RM 546.3 million a year ago while earnings per share stood at 2.29 sen from 2.57 sen a year ago from increased activities across its three established business units.
"Notwithstanding the current uncertainty brought about by the downward movement of the oil price, the third quarter brought about further increase in revenue contribution from its main business segments," its executive director and CEO Hassan Basma said in a statement yesterday.
Bumi Armada continues to observe high utilisation, with more than 99% uptime in the floating production storage and offloading (FPSO) fleet, and utilisation in the offshore support vessel (OSV) fleet improving to 74%. This coupled with a large order book gives a lot of reasons to be positive going forward." added Basma.
For its nine months 2014, its net profit fell 20.9% to RM271.3 million from RM342.9 million a year, with its earnings before interest, taxes, depreciation, and amortization (Ebitda) of RM267.5 million on the back of higher level of activities in all segment.
Current year-to-date revenue also increased 11.8% to RM1,695.5 million from RM1,516.2 million recorded for the corresponding period in 2013.
Revenue was up 11.8% to RM1.7 billion from RM1.5 million a year ago from increased activities in its FSPO system, OSV and Transport and Installation (T&I).
The firm order book continues to grow and currently stands at RM21.8 billion, a marginal increase of 0.5% compared to RM21.7 billion in Q2'2014, bringing the total order book to RM33.6 billion.