KUALA LUMPUR (Aug 27): Bumi Armada Bhd (KL:ARMADA), an offshore oilfield services provider, posted a 11.3% drop in net profit for the second quarter on lower contributions from its floating production, storage and offloading (FPSO) vessels.  

Net profit for the three months ended June 30, 2026 (2QFY2026) dropped to RM70.97 million from RM80.03 million in the same quarter a year earlier, according to the group’s bourse filing on Thursday. Earnings per share slipped to 1.20 sen from 1.35 sen.

No dividend was declared with the latest quarterly results.

The lower bottom line came as quarterly revenue dropped 17.7% to RM335.18 million from RM407.12 million. Gross margin was lower at 28.76% as compared with 36.97%, and the group also saw a 66.4% year-on-year (y-o-y) drop in share of results of joint ventures and associates.  

This was partially offset by lower administrative expenses and finance costs.

For the cumulative six months, net profit more than halved y-o-y to RM111.08 million, while revenue fell 27.2% to RM641.74 million.

Looking ahead, Bumi Armada noted it will pursue charter extensions for specific vessels, continue to bid for new projects and focus on improving the operational performance of its vessels.

The group said it is closely monitoring the situation in the Persian Gulf, but noted tensions in the region has not had a material adverse impact on its financial position or results of its operations to date.

Shares of Bumi Armada closed one sen or 2.94% higher at 35 sen, valuing the company at RM2.05 billion.