Following the recent release of UMW Oil & Gas Corp Bhd’s (UMW-OG) financial results, the main question on most investors’ mind would be if the worst is truly over for the upstream drilling and oilfield services company.
While a turnaround was seen in UMW-OG’s close peer in the upstream segment of the oil and gas industry - Bumi Armada Bhd
- UMW-OG doesn’t really appear to be out of the woods just yet. In their latest quarterly financial results released in the week, Bumi Armada recorded a turnaround for the second quarter ended June 30 from a year ago, netting a bottom line of RM116.6mil as opposed to UMW-OG which continued to bleed with a second quarter net loss of RM51mil.
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