Bumi Armada returns to profit

KUALA LUMPUR, May 31, 2017 – Malaysian offshore services provider Bumi Armada released its financial results for the first quarter of the year on Wednesday, posting a higher profit but also a year-on-year decline in quarterly revenue.


Net profit came out at USD 11.25 million, almost double the amount posted for the first quarter of 2016. At the end of last year, Bumi Armada suffered a USD 326-million loss.
At USD 94.5 million, revenue for the first three months of this year was down compared with the same period in 2016, when Bumi Aramda’s revenue came out at USD 100.7 million.

Sequentually, however, first quarter revenue was up by USD 69.7 million.

“The first quarter performance does reflect the transition phase of our company and marks a recovery despite the continuing challenges in the market,” CEO Leon Harland said in a statement.

Read our latest insights on: