KUALA LUMPUR, Nov 16 — Bumi Armada Bhd’s net profit for the third quarter ended Sept 30, 2023 (3Q 2023) increased to RM177.77 million from RM149.72 million last year.

However, its revenue decreased to RM524.80 million from RM653.07 million previously.

In a Bursa Malaysia filing today, the Malaysia-based international offshore energy facilities and services provider said that the group generated a revenue of RM1.51 billion for the financial period ended Sept 30, 2023 (YTD 2023), a decrease of RM290.4 million compared to YTD 2022.

“Revenue from the operations segment decreased mainly due to the failure of hydraulic submersible pump transformers on the Armada Kraken floating production storage and offloading (FPSO) vessel and lower revenue from subsea construction contract work in the Caspian Sea as the project was near completion in YTD 2023.

“Revenue from other segments was lower mainly due to preliminary front-end engineering and design revenue recognised in YTD 2022,” it said.

Meanwhile, the group generated a profit of RM467.8 million for YTD 2023, a decrease of RM45.1 million compared to YTD 2022 mainly due to lower contribution from Armada Kraken FPSO and foreign exchange loss in YTD 2023.

“But it was offset by higher other operating income mainly arising from gain on disposal of property, plant and equipment in YTD 2023 and allowance for impairment losses on accrued lease rental which was provided for in YTD 2022 as the group’s wholly-owned subsidiary, Armada Balnaves Pte Ltd was unsuccessful in its appeal against Woodside Energy Julimar Pty Ltd,” it said.

On prospects for the current financial year, Bumi Armada said that the group is pursuing new opportunities in targeted markets.

“We will continue to focus on the safety and health of all employees, partners and assets; improve the operational performance of our vessels and secure new projects in core regions as well as with our preferred partners.

“We will also be building our energy transition pathway towards net zero emissions goal by 2050, focusing on carbon emission reduction and carbon injection solutions; and maintaining and further developing effective relationships with our clients and partners,” it added. — Bernama