Malaysia: Bumi Armada Profit Down 1 pct

Bumi Armada Berhad, the largest owner and operator of offshore support vessels in Malaysia,  announced today an increase in YTD revenue of 34.8 % to RM 1.17 billion from RM 870.2 million a year ago, driven by higher activity across all its business segments.

Its operating EBITDA also increased by 19.6% or RM 102.7 million. The company achieved a profit of RM 238.4 million, despite expenses of RM 20.3 million in relation to its IPO in July 2011.

Elaborating on the company’s results, Executive Director/Chief Executive Officer, Mr Hassan Basma said, “Higher activity across all business segments has driven our performance and our revenue and EBITDA continue to show strong growth. The blended EBITDA margin remains at a healthy 51%.”

“We achieved a profit of RM 238.5 million, down 1% from the same period a year ago. This was mainly due to expenses in relation to our listing on the Bursa Malaysia.”

For its 3Q, the company achieved revenue of RM 403.9 million, operating EBITDA of RM 250.6 million and profit of RM 95.3 million. Commenting on Bumi Armada’s quarter on quarter performance, Mr Basma said, “Our revenue increased 2.8%, operating EBITDA improved by 31.5% and net profit increased by 56.1%.”

Mr Basma added that the third quarter was marked by start of production of the Vietnamese FPSO, Armada TGT 1, the signing of two major FPSO contracts (Apache and ONGC) and improved average utilisation rates for the group’s OSVs from 83% to 93%.

1 million Malaysian ringgits = 314 021 U.S. dollars

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Offshore Energy Today Staff , November 21, 2011; Image: Bumi Armada