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Bumi Armada Q2 profits drop as margins fall

Although second quarter revenue jumped 22.6% to MYR590.1m ($186.0m) Bumi Armada saw a 12.1% drop in net earnings to MYR98.4m as depreciation costs rose and margins fell.

Executive Director and ceo  Hassan Basma said: “The C7 FPSO project is progressing as planned and is due for completion in the final quarter of 2014, while work on the Kraken and Block 15/06 projects are well underway and progressing in accordance to plan."

"At an operational level, we continue to deliver high uptime levels of over 99% across our operating FPSOs. The fleet was recently joined by the Armada Claire, which has delivered first oil in Australia for Apache Energy on August 11, 2014. These orders take our total to nine FPSO projects, and two FPSO projects awarded so far this year," he added.

Although the group’s orderbook stood at MYR21.7bn, optional extensions boosting its total orders to a record MYR33.3bil, the company said.

Bumi Armada, which only provided comparative half year figures, saw improvements across all its segments during the first six months but gross profit margin fell to 46% from 51%, while depreciation charges jumped 16.8% to MYR33.1m, due to its larger fleet.

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