Monday, November 21, 2011

Bumi Armada 3Q net profit slips 7.5% to RM92.58m on listing expenses

KUALA LUMPUR (Nov 21): Bumi Armada Bhd net profit for the third quarter ended Sept 30, 2011 fell 7.5% to RM92.58 million from RM100.08 million a year, due mainly to its listing expenses in July this year.

The company said on Monday that revenue for the quarter rose to RM403.92 million from RM328.9 million in 2010.

Earnings per share for the quarter was 3.32 sen compared to 5.02 sen a year earlier, while net assets per share was RM1.17.

For the nine months ended Sept 30, Bumi Armada's net profit slipped to RM234.91 million from RM240.38 million in 2010, while revenue jumped to RM1.17 billion from RM870.22 million.

In a statement today, Bumi Armada said the increase in revenue was driven by higher activity across all its segments.

The company said its operating EBITDA increased by 19.6% or RM 102.7 million.

Its executive director and chief executive officer Hassan Basma said higher activity across all business segments had driven the company's performance and revenue, and that its EBITDA continued 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,' he said.

Basma said that the third quarter was marked by commencement 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%.

Basma said Bumi Armada would be added to the MSCI Malaysia Index from Dec 1, 2011.


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