KUALA LUMPUR: Bumi Armada Bhd's net profit rose 15.8 per cent to RM177.77 million in the third quarter (3Q) ended Sept 30, 2023 from RM149.72 million in the previous corresponding quarter.
Revenue, meanwhile, was lower at RM524.8 million compared with RM653.07 million last year.
The increase in net profit was due to higher contribution from Armada Kraken FPSO and a gain on disposal of Armada Claire floating production storage and offloading (FPSO), and the last remaining offshore support vessels (OSV) in Q2 2023.
Cash flows generated from operating activities during the quarter of RM213.1 million were mainly used to further deleverage the balance sheet and reduce interest costs for the company.
The group's firm orderbook as at the end of Q3 2023 amounted to RM10.6 billion, with additional optional extensions of up to RM9.8 billion.
Year-to-date, Bumi Armada's net profit was RM497.55 million as compared with RM521.73 million in the same period in 2022, while revenue dropped to RM1.51 billion from RM1.8 billion in the year-ago period.
"The weaker nine-month result was owing to the impact of the Kraken shutdown and the Subsea Construction contract in the Caspian Sea contributing lower revenue as the project was nearing completion," the company said.
