Bumi Armada unveils latest resultsCompany News // May 23, 2014
Bumi Armada Berhad in Malaysia has announced revenue and net profit of RM468.9 million and RM64.8 million respectively for the first quarter ended 31 March 2014.
Bumi Armada recorded EBITDA of RM223 million for the quarter which represented an EBITDA margin of 47.5 per cent. Cashflow from operations increased by 122 per cent year-on-year to RM74 million due to improved working capital management and improvement in business performance.
Net profit for the first quarter was strong despite lower contributions from the company's transport and installation business due to seasonality and lower OSV utilisation in older vessels categories.
The company's Executive Director/Chief Executive Officer, Hassan Basma, said: “Work on the C7 and Kraken projects is progressing well and in accordance with plans. The addition of our second large FPSO project for ENI Block 15/06 in Angola underscores Bumi Armada’s successful move from small to large FPSOs as we go further, deeper and harsher.”