Bumi Armada share price falls despite net profit in Q3

PETALING JAYA: Bumi Armada Bhd's share price fell 2.55% this morning, despite posting a net profit of RM123.73 million in the third quarter ended Sept 30, 2017 from a net loss of RM96.71 million in the same period last year.
At 11.05am, the stock stood at 76.5 sen with 5.6 million shares changing hands. The group has a market capitalisation of RM4.6 billion.
Its revenue for the quarter rose 70% to RM641.40 million from RM377.51 million a year ago, primarily due to the increase in revenue from its floating, production and operations (FPO) division as delivery of the new projects continued to yield improving contributions.
The group said the earnings growth was also supported by the gain from disposal of the Armada Intrepid in the quarter under review.