Bumi Armada Berhad announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported revenue of MYR 205,453,000 against MYR 589,042,000 a year ago. Operating loss was MYR 1,223,740,000 against MYR 90,807,000 a year ago. Loss before taxation was MYR 1,292,322,000 against MYR 104,011,000 a year ago. Loss attributable to owners of the company was MYR 1,295,575,000 or 22.09 sen per basic and diluted share against MYR 85,080,000 or 1.45 sen per basic and diluted share a year ago. EBITDA was MYR 28,468,000 against MYR 91,014,000 a year ago. The decrease in EBITDA resulted from lower contributions from both FPSO & FGS segment and OMS segment as well as lower earnings from joint ventures due mainly to lower conversion activities and earnings from Karapan Armada Sterling III. This was offset by a decrease in net allowance for doubtful debts of MYR 64.1 million.

For the year, the company reported revenue of MYR 1,416,596,000 against MYR 2,179,734,000 a year ago. The decrease was mainly attributed to lower conversion activities from the Eni 1506 and Kraken FPSO projects, recognition of supplementary payments for the Kraken FPSO project, reduced contribution from Armada Claire, Armada Perdana, Armada Perkasa and lower OSV vessel utilisation which was offset by the higher contribution from the LukOil project in the Caspian Sea. Operating loss was MYR 1,821,966,000 against MYR 100,209,000 a year ago. Loss before taxation was MYR 1,845,057,000 against MYR 171,392,000 a year ago, mainly due to non-cash impairment of MYR 1.73 billion on several assets. Loss attributable to owners of the company was MYR 1,887,181,000 or 32.17 sen per basic and diluted share against MYR 234,566,000 or 4.00 sen per basic and diluted share a year ago. EBITDA was MYR 569,645,000 against MYR 981,014,000 a year ago. The lower EBITDA was due to reduced contributions from the FPSO & FGS segment and OMS segment as well as lower earnings from joint ventures due mainly to lower conversion activities and earnings from Karapan Armada Sterling III which was offset by increased earnings from the operations of Armada Sterling and Armada Sterling II. Net cash flows generated from operating activities was MYR 1,080,152,000 against MYR 522,909,000 a year ago. Purchase of property, plant and equipment was MYR 4,418,523,000 against MYR 3,568,056,000 a year ago.

For the quarter, the company reported impairment of MYR 1,145,593,000 against MYR 45,526,000 a year ago.


The group would see a strong increase in cash flow generation and positive core earnings for the year 2017.