Net profit for the quarter fell 40.9% year-on-year to MYR64.78m ($20.18m) due to decreased contributions from the transport and installation business because of seasonality and lower OSV utilisation in the older vessels categories.
Quarterly revenue also fell to MYR468.92m from MYR488.76m a year ago.
“As we work across the globe, fluctuations in utilisations due to weather are to be expected. Today the construction fleet is back at optimum utilisation which will lead to improved results going forward,” said Hassan Basma, executive director and ceo of Bumi Armada.
In the OSV sector, the company is finalising plans for a gradual disposal of identified older tonnage and to acquire new tonnage, in line with its fleet renewal strategy.
Bumi Armada is also continuing to pursue attractive prospects along the Atlantic corridor in regions such as the West Coast of Africa and Latin America, which if awarded, will significantly increase its existing total order backlog of MYR22.2bn.
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