Bumi Armada Berhad's net profit jumped 22% to MYR110m

But segment results mixed.

According to OCBC Investment Research, Bumi Armada Berhad’s 1Q revenue jumped 46% YoY to MYR489m and net profit to shareholders increased by 22% YoY to MYR110m.

Here's more:

The results were roughly in-line with ours and consensus’ estimates. Segment results were mixed. Although the FPSO, OSV and T&I segments had YoY increases in revenue, only the FPSO and OSV segments showed profit improvements.

The OFS segment reported no activity for 1Q13. The group also benefited from disposal gain of a subsidiary of MYR9.4m, write-back of doubtful debt of MYR2.0m and a net foreign exchange gain of MYR3.0m.

Mixed segment results. FPSO revenue and segment profit climbed 16% and 8% YoY to MYR192m and MYR58m respectively for 1Q13, driven by higher operations & maintenance revenue and a larger FPSO fleet.

For the OSV segment, revenue increased by 25% YoY to MYR142m, while segment profit doubled to MYR40m. We believe this is due to a larger fleet of vessels, higher uptime, and the recent change in depreciation policy.

In Feb 2013, the group announced that the useful lives of selected OSVs were increased from 20 to 25 years.

Finally, T&I revenue tripled to MYR154m but segment profit fell 28% YoY to MYR25m in 1Q13. The results largely reflect contribution from the LukOil project secured at the end of Apr 2012.