KUALA LUMPUR: Bumi Armada Bhd
generated a lower profit of RM332.06 million in its 2023 financial year (FY2023) as compared with RM732.41 million in FY2022.
This was mainly due to lower contribution from Armada Kraken floating, production, storage and offloading (FPSO) amid the failure of hydraulic submersible pump transformers and impairment, it said in a filing with Bursa Malaysia today.
Revenue for the year ended Dec 31, 2023, was also lower at RM2.13 billion as compared to RM2.41 billion before.
The group reported a net loss of RM165.49 million in the fourth quarter of 2023 (4Q 2023) versus a net profit of RM210.68 in the same quarter previously, mainly due to the impairment of property, plant and equipment (PPE) of RM514.4 million on Armada Kraken FPSO and Subsea Construction assets.
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