KUALA LUMPUR (Feb 27): Bumi Armada Bhd's fourth quarter net loss narrowed to RM235.18 million from RM1.26 billion a year earlier on significantly lower asset impairment involving the oil and gas support services provider's operations.
In a Bursa Malaysia filing today, Bumi Armada said revenue fell to RM515.64 million in the fourth quarter ended Dec 31, 2019 (4QFY19) from RM576.31 million a year ago. Bumi Armada's income statement showed that impairment fell to RM43.66 million from RM1.2 billion.
For the full year, Bumi Armada said cumulative FY19 net profit stood at RM58.62 million versus a net loss of RM2.3 billion a year earlier. Revenue was lower at RM2.07 billion compared to RM2.42 billion in FY18.
Bumi Armada's Bursa filing included a press statement, in which Bumi Armada chief executive officer Gary Christenson said the group delivered another quarter of safe operations, resulting in a lost-time injury free year in 2019.
"The FPO (floating production and operations) fleet continued to deliver stable operations in 2019, with Armada Kraken improving over the year. Safety, sustainability, operational excellence, and financial discipline will continue to be the focus going forward," Christenson said.
At Bursa's 12:30pm break today, Bumi Armada's share price settled down one sen or 2.67% at 36.5 sen for a market capitalisation of RM2.15 billion. Bumi Armada's latest-reported net assets per share stood at 55 sen.
http://www.theedgemarkets.com/article/bumi-armada-4q-net-loss-narrows-reports-fullyear-profit
