KUALA LUMPUR: Bumi Armada Bhd recorded a net profit of RM58.61 mil for the financial year ended Dec 31, 2019 (FY19) from a net loss of RM2.3 bil in the preceding year.
Revenue declined to RM2.07 bil from RM2.41 bil previously, it said in a filing with Bursa Malaysia today.
For the fourth quarter (4Q19), however, revenue was a net RM235.17 mil from RM1.26 bil net loss posted in the preceding year’s corresponding quarter.
The Malaysia-based international offshore energy facilities and services provider company said the decline in 4Q was due to non-cash impairments during the quarter.
“The impairment of RM233.6 mil in the floating production and operation (FPO) business relating to the accrued lease rental followed the judgment delivered by the Supreme Court on Jan 24, 2020 in favour of Woodside Energy Julimar Pty Ltd,” it said in a statement today.
The group’s order book at the end of the 4Q19 was about RM17.5 bil, with additional optional extensions amounting to up to RM9.8 bil, it said.
CEO Gary Christenson said the group delivered another quarter of safe operations resulting in a injury-free year in 2019.
“The FPO fleet continued to deliver stable operations in 2019, with Armada Kraken improving over the year,” he added. – Feb 27, 2020, Bernama
