Net income was MYR 65m($20.2m) as the company suffered from reduced contributions from its transportand installation businesses.
Revenue at the KualaLumpur-listed company was down 4% to MYR 469m, while the costs werelargely unchanged at MYR 311.6m.
“Aswe work across the globe, fluctuations in utilisations due to weather are to beexpected,” said chief executive Hassan Basma.
“Todaythe construction fleet is back at optimum utilisation which will lead toimproved results going forward.”
Inthe OSV sector, Bumi Armada said it was finalising its plans for a gradualdisposal of identified older tonnage in line with its fleet renewal strategy.
“The fleet renewal and new acquisition willraise utilization levels back to planned levels going forward,” the companysaid.
Thecompany also announced a proposed bonus and a renounceable rights issue, whichif approved will raise about MYR 2.2bn ($690m).
“We have proposed the bonus and rights issues tohelp fund expansion in our business units, as our market fundamentals remainstrong and order backlog increases,” said Basma.
