Malaysia’s Offshore Support Vessel (OSV) and Floating Production, Storage and Offloading (FPSO) player Bumi Armada posted an increase in profit for Q1 2019. The company’s net profit was US $14.8m (62.2mn ringgit, or RM), up from $11.6m (RM 48.7m) in Q1 2018. “The increase is mainly due to higher allowance for impair- ment losses of receivables in YTD 2018 and lower depreciation as a result of impairment losses recognized on the Armada Kraken FPSO and certain OSV vessels during the financial year ended 31 December 2018. The increase is also contributed by higher share of results from the Karapan Armada Sterling III FPSO in YTD 2019 arising from lower tax expense due to recognition of deferred tax assets and lower management fees recognized in YTD 2019.”
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