KUALA LUMPUR: Bumi Armada Bhd 's net profit rose by 28.5% to RM62.21mil in the first quarter ended March 31, 2019 due to lower cost of sales, administrative expenses and lower finance costs. The offshore energy facilities and services provider said on Monday its net profit rose from the RM48.42mil a year ago. The compay said floating production and offloading (FPO) business reported lower revenue of RM425.6mil due to lower revenue from Armada TGT 1 FPSO, with the vessel now in its extension agreement contract. The offshore support vessels (OSV) segment was unchanged in Q1 2019, as fleet utilisation remained below 40%. In addition, the group had a stronger contribution from its joint venture and associates in Q1 2019, versus Q1 2018,” it said.

Source: The Star May 27, 2019 01:18 UTC