Update Bumi Armada 4Q profit falls 19% y-o-y to RM88m

Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com
Wednesday, 19 February 2014 19:21
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KUALA LUMPUR (Feb 19): Bumi Armada Bhd’s net profit fell 19% year-on-year
(y-o-y) to RM88 million in the fourth quarter ended Dec 31, 2013, from RM109
million.
But revenue jumped 17% y-o-y to RM557 million from RM478 million.
Bumi Armada said it proposed a tax-exempt final cash dividend of 3.25 sen per
share for the financial year ended Dec 31, 2013.
In a statement to the stock exchange, the offshore oil & gas service provider,
said its full-year net profit stood at RM431 million versus RM386 million in the
previous year, while revenue recorded RM2.1 billion versus RM1.7 billion a
year ago.
Bumi Armada said the lower 4Q profit was due to higher depreciation expenses.
The firm said the larger revenue was due to an increase in activity in its floating
production storage and offloading vessels, offshore support vessels and
transportation and installation segments.
“The long term outlook for the offshore oil and gas services sector remains
positive with long term oil price expected to remain strong,” said Bumi Armada
going forward.
“Capital expenditure in the offshore oil and gas industry is likely to remain
robust as the search for oil in deep waters continues,” it said.