Bumi Armada's gains edge up 3% to RM95m

Results are way below expectations.

According to OCBC, Bumi Armada’s 3Q12 revenue and net profit increased by 14% and 3% YoY to RM462m and RM95m respectively. On a nine-month period, revenue was flat at RM1.2b, while net profit increased by 18% to RM277m.

Here's more from OCBC:

Despite the increases, the results were very much below expectations as 9MFY12 net profits formed only 68% and 60% of ours and the street’s full year estimates. As the group had not secured any new FPSO contracts year-to-date, we believe it may be hard to meet the street’s expectation of two FPSO wins (and our projection of just one win) in 2012.

During the quarter, FPSO revenue increased by 11% QoQ to RM191m, attributable to sustained high uptime for its fleet and day-rate increase on Armada Perksa.

OSV revenue increased by 25.4% QoQ to RM153m, on higher utilization rate (3Q12: 87%; 2Q12: 82%) and increased fleet tonnage (Armada Tuah 107, Armada Tuah 301 and Armada 302). T&I (Transport and Installation) revenue increased by 29% YoY to RM118m due to contribution from the LukOil contract and charter hire with Momentum Engineering secured by Amada Installer.

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