Bumi Armada doing well surpisingly

From the Edge:

Oil and gas (O&G) offshore oilfield services provider Bumi Armada Bhd (fundamental: 1.05; valuation: 0.85) announced its net profit for the first quarter ended March 31, 2015 (1QFY15) rose 11% to RM72.05 million or 1.23 sen per share, from RM64.78 million or 1.37 sen per share a year ago, on improved revenue.

Its revenue was at RM572.15 million, up 22% from RM468.92 million a year ago.

Segmentally, Bumi Armada’s floating production, storage and offloading (FPSO) division saw its segment profit improved 36.88%, while profit for its transport and installation (T&I) division soared 969.98%.

However, profit contribution from its offshore support vessel plunged 98.4% on lower utilisation of Class B vessels, due to challenging market conditions.

Considering one of its main divisions' profit was almost nil, The overall revenue grew 22%.  It's pretty impressive.

The uptake in oil activity due to 60 USD oil is strikingly fast.  I would think that companies would take longer to feel the buoyant effects of higher priced crude oil as earnings have some lag, but almost right away high priced oil is contributing positively to Bumi Armada.