Update Bumi Armada 3Q13 profit rises 27.6% yoy to RM121.3m

by **Cals** Wed 20 Nov 2013, 18:36

Update Bumi Armada 3Q13 profit rises 27.6% yoy to RM121.3m

Business & Markets 2013

Written by Zatil Husna of theedgemalaysia.com

Wednesday, 20 November 2013 18:16

KUALA LUMPUR: Bumi Armada Bhd’s net profit for third quarter ended Sept 30 (3Q13) came out stronger than previous year’s corresponding quarter, as the group’s net earnings increased by 27.6%.

The group’s profit increased to RM121.3 million for the 3Q13, from RM95 million in the same quarter last year.

Revenue also rose to RM546.3 million, from RM461.7 million a year ago.
Bumi Armada’s chief executive officer Hassan Basma said: “The group’s revenue, net profit and earnings before interest, tax, depreciation and amortisation (EBITDA) reflect our strong and consistent growth strategy underpinned by good execution and increased activities in our three established business segments – floating production storage and offloading (FPSO), offshore support vessel (OSV) and transportation and installation (T&I) business units.”

“These segments registered healthy increases in revenue of 9.9%, 20.0% and 80.0% respectively, as compared to the corresponding period in the previous year,” he said in a press release today.

For the nine months period (9M13), the group’s net profit rose by 23.9% to RM342.9 million, from RM276.7 million in the same corresponding period.

Revenue increased by 28.4% to RM1.5 billion from RM1.2 billion.

Looking forward, the oil and gas (O&G) service provider anticipates robust activities across major sectors such as FPSO, OSV, T&I and OFS over the long term as the offshore O&G remains positive.