Swiber’s net profit in H1 2013 rises 11.8% to US$37.4 million
Swiber Holdings Limited , a world class integrated construction and support services provider to the offshore oil and gas industry, today reporte d that net profit in the half year ended June 30, 2013 (“HY2013”) rose 11.8% to US$37.4 million from US$33.5 million in the half year ended June 30, 2012 (“HY2012”). Revenue also jumped 30.1% to US$551.8 million in HY2013 from US$424.0 million in HY2012, said in the company's press release.
Other Performance Review In line with the higher revenue of US$551.8 million , gross profit climbed 22.4% to US$87.0 million in HY2013. Gross profit margin held steady at 15.8% in HY2013. Share of profit of associates rose 57.3% from US$6. 6 million in HY2012 to US$10.4 million in HY2013. Other operating income also surged by 63.1% to US$14.9 million in HY2013. With the rise in business activities, administrative expense s, other operating expenses and finance expenses also increased.
Notwithstanding the above, net profit rose 11.8% to US$37.4 million in HY2013. Swiber’s basic earnings per share, based on its HY2 013 results maintained at 4.0 US cents, while net asset value per share rose to 84.4 US cents as at June 30, 2013, from 79.3 US cents as at 31 December 2012.
About Swiber Holdings Limited
Listed on November 8, 2006, Swiber is a world class integrated construct i on and support services provider to the offshore oil and gas indus try, offering a wide range of offshore EPIC and marine support services across the Asia Pacific, Mi ddle East, and Latin America regions. Since its foundation in 1996, Swiber has been dedicated to bu ilding the company into a leader in the offshore oil and gas industry. Today, Swiber is a public-listed company on the Singapore Stock Exchange with an eminent position among global offs hore oil and gas engineering and construction organisations. With an extensive and g rowing operating fleet of 61 vessels, comprising 46 offshore vessels and 15 construction vessels, and more than 2800 employees in over 40 different nationalities in strategically lo cated offices in the region, the Swiber name is synonymous with excellence, safety, innovation and value among its customers.