Bumi Armada 2Q Net Profit $27.3 Million
KUALA LUMPUR, Malaysia--Malaysian oil-and-gas services company Bumi Armada Bhd. (5210.KU) swung to a second-quarter net profit of 116.59 million ringgit ($27.3 million) from a year-earlier loss of MYR518.32 million.
According to an exchange filing, the company's revenue rose while sales and impairment costs fell.
Revenue rose 72.4% to MYR694.42 million.
Bumi Armada said it is cautious in the short term as oil prices remain depressed.
"We believe this is likely to delay the recovery in new exploration activities, which in turn, will negatively impact the [offshore marine services] business," it said.
The company expects revenue to improve for the rest of the financial year.
Shares of Bumi Armada ended morning traded 0.7% higher at MYR0.73 before the earnings release. The stock has climbed nearly 20% year-to-date.
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(END) Dow Jones Newswires
August 25, 2017 01:48 ET (05:48 GMT)