KUALA LUMPUR (May 25): Bumi Armada Bhd’s net profit for the first quarter ended March 31, 2023 (1QFY2023) rose 8.2% to RM201.01 million from RM185.76 million earlier, mainly due to higher operating income.

In a bourse filing on Thursday (May 25), the company said revenue for the quarter increased to RM543.99 million versus RM529 million, due to higher revenue from engineering services.

Earnings per share was 3.40 sen versus 3.14 sen previously.

Bumi Armada did not declare any dividend for the quarter.

In a separate statement, Bumi Armada chief executive Officer Gary Christenson said while this was a solid start to the year, the company remains vigilant towards ensuring the stable operation of its vessels which drives the company’s financial performance.

“We continue to be in the market for new projects and opportunities, while remaining focused on safety, ESG and sustainability, operational excellence, and financial discipline,” he said.

At midday break on Thursday (May 25), Bumi Armada added 1.57% or one sen to 64.5 sen, with 4.12 million shares traded.