Malaysia's Bumi Armada Reports Profit for Third Quarter
KUALA LUMPUR, Malaysia-- Malaysian oil-and-gas services company Bumi Armada Bhd. (5210.KU) reported a net profit of 123.73 million ringgit ($30 million) in its third quarter compared with a net loss of MYR96.71 million the same quarter a year ago.
The better performance came mainly on higher revenue and operating income, a higher share of results from joint ventures and lower impairment, according to its financial statement released to the local stock exchange. That was partially offset by higher finance costs in the third quarter compared with the same quarter a year ago.
Revenue jumped 69.9% to MYR641.39 million in the third quarter from MYR377.51 million a year ago, mainly on better performance at its floating, production and operation business.
For the remainder of 2017, Bumi Armada said it expects to see further developments in its floating, production, storage and offloading projects, which should be positive for that business's revenue in 2018.
As for its offshore marine-services business, Bumi Armada said it expects to see a decline in activity in the fourth quarter due to winter in the Caspian region and the monsoon season in Southeast Asia, which would likely result in lower earnings for that business during the last quarter of 2017.
Shares of Bumi Armada ended the midday break 1.3% higher at MYR0.775 before the earnings announcement.
(END) Dow Jones Newswires
November 23, 2017 00:58 ET (05:58 GMT)