Bumi Armada Berhad, an investment holding company, provides offshore oilfield services in Malaysia, Asia, Australia, Africa, and Latin America. Its Floating Production Storage Offloading (FPSO) segment owns, operates, and provides FPSO vessels that are used for receiving hydrocarbons sourced from oil fields. The company’s Offshore Support Vessel segment owns, operates, and charters vessels to provide support for exploration, development, and production activities in the offshore oil and gas industry. This segment owns and operates approximately 45 vessels comprising anchor handling towing support vessels, accommodation work boats/barges, platform supply vessels, mooring launches, safety stan...
24, Jalan Perak
Kuala Lumpur, 50450
Founded in 1995
Bumi Armada Berhad Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Impairment Charges for the Second Quarter of 2015
Aug 27 15
Bumi Armada Berhad reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company’s revenue was MYR 459,077,000 against MYR 590,081,000 a year ago. Operating profit before impairment was MYR 109,801,000 against MYR 129,736,000 a year ago. Operating loss was MYR 253,376,000 against operating profit of MYR 129,736,000 a year ago. Loss before taxation was MYR 274,324,000 against profit before tax of MYR 127,631,000 a year ago. Loss for the period attributable to owners of the company was MYR 291,532,000 or 4.97 sen per basic and diluted share against profit of MYR 98,379,000 or 2.08 sen per basic and diluted share a year ago. The Group posted an EBITDA of MYR 269.5 million, a decrease of MYR 17.5 million compared to first quarter 2015 due to lower contributions from the OSV and T&I segments.
For the six months, the company’s revenue was MYR 1,031,228,000 against MYR 1,058,998,000 a year ago. Operating profit before impairment was MYR 254,291,000 against MYR 222,731,000 a year ago. Operating loss was MYR 111,026,000 against operating profit of MYR 222,731,000 a year ago. Loss before taxation was MYR 169,119,000 against profit before taxation of MYR 214,021,000 a year ago. Loss for the period attributable to owners of the company was MYR 219,484,000 or 3.74 sen per basic and diluted share against profit of MYR 163,157,000 or 3.45 sen per diluted share a year ago. Net cash generated from operating activities was MYR 383,073,000 against MYR 250,382,000 a year ago. Purchase of property, plant and equipment was MYR 1,746,911,000 against MYR 1,077,310,000 a year ago. EBITDA was MYR 556,491,000 against MYR 485,765,000 a year ago. The group revenue decrease was mainly driven by the following factors: Decrease in T&I revenue by MYR 144.1 million driven mainly by lower activity from the LukOil project in the Caspian Sea and lower utilisation of the Armada Condor and Armada Hawk, offset by higher
revenue from the Armada Installer; Decrease in OSV revenue by MYR 18.8 million as overall vessel utilisation continued to be adversely affected by challenging market conditions; and Growth in FPSO & FGS revenue by MYR 135.1 million driven mainly by increased conversion activity from the Eni 1506 FPSO project, initial recognition of FGS revenue from the conversion activity of a floating storage unit, Armada LNG Mediterrana, which was awarded in April 2015, and contributions from tanker operations and O&M activity from the Armada Claire.
For the second quarter of 2015, the company reported impairment charges of MYR 363,177,000.