Bumi Armada Berhad's profits jumped 21.8% to MYR112m

Thanks to its strong OSV segment.

According to OCBC Investment Research, Bumi Armada Berhad reported 2Q13 results which were within its expectations.

Revenue grew 25.1% YoY to MYR481.2m while PATMI of MYR112.0 represented an increase of 21.8%. For 1H13, revenue and PATMI rose 34.8% and 22.0% to MYR970.0m and MYR221.6m, forming 44.9% and 45.5% of OCBC's FY13 forecasts, respectively.

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This was driven largely by its OSV segment, which had a larger vessel count and also recorded an improved fleet utilisation of 87% in 2Q13 (versus 2Q12: 82%). We expect 2H13 to be a stronger half for Bumi Armada.

The group’s order book stood at MYR7.5b as at 30 Jun 2013 (was MYR7.9b as at end 1Q13), with extension options worth MYR4.3b. Bumi Armada currently has 12 ongoing FPSO tenders, and management believes that it stands a good chance to achieve more FPSO wins in 2H13.