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Bumi
Armada Navigation Group posted a
hefty rise of about
80
per cent in its revenue totaling
RM425.85 million for the financial
year ended December 31, 2001.
The
company, which recorded total
revenue of RM232.28 million
in
the previous financial period,
attributed the rise in its earnings
to expanded shipping and engineering
activities.
Income
from the shipping sector continued
to dominate the revenue
stream of the group by contributing
some contribution some
55
per cent or RM232.3 million of the
total revenue.
Marine
transportation, tanker operations
and support services to oil
and gas industry contributed RM64.6
million of the profit before
tax
of
the group.
The
increase turnover by Bumi Armada
Navigation (BAN) Group
was
mainly due to income from the
additional two new vessels and
ship agency services.
The
business operations of Bumi Armada
Navigation Group have not been
affected by seasonal or cyclical
factors as most of the contracts are
on long-term charter.
Bumi
Armada is a well-established
offshore support fleet provider
which owns and operates a fleet of
30 vessels to support production and
maintenance service in the offshore
and petroleum industry.
The
fleet includes two AHTS, three area
launch, 10 various tugs,
one
FPSO, one LPG carrier, landing
craft, one LPG carrier, four safety
standby ships, one topo survey
vessel and three accommodation
workboat.
The
Group’s profit before taxation for
the year ended 31st December 2001
amounted to RM63.49 million as
compared to RM55.04 million in the
previous year, an increase of RM8.46
million or 15.4 per cent.
The
Board expects the Group to remain
aggressive in securing contracts in
order to maintain its performance
for the year 2002.
The
earnings of the group is expected to
grow with Shareholders Agreement
with J Ray McDermott SA on 8
February 2001 to establish a
subsidiary company, Barmada
McDermott Sdn Bhd, to operate and
provide services in oil fields
located offshore including services
of a derrick barge.
Barmada
McDermott Sdn Bhd has also been
granted conditional approval from
Foreign Investment Committee on 23rd
April 2001.
Bumi
Armada Navigation Sdn Bhd acquired
the remaining 49 per cent equity
interest in Armada Tankers Sdn. Bhd.
from Land and General Berhad in July
last year.
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