Bumi Armada sees 1Q profit rise despite revenue decline

Malaysian OSV and FPSO leasing company Bumi Armada has posted a rise in net profit for the first quarter of 2019.

The company’s net profit was 62.2 million Malaysian ringgit, up from RM 48.7 million a year ago.

“The increase is mainly due to higher allowance for impairment losses of receivables in YTD 2018 and lower depreciation as a result of impairment losses recognized on the Armada Kraken FPSO and certain OSV vessels during the financial year ended 31 December 2018. The increase is also contributed by higher share of results from Karapan Armada Sterling III [FPSO] in YTD 2019 arising from lower tax expense due to recognition of deferred tax assets and lower management fees recognized in YTD 2019. ”

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