Swiber achieves 15.4% jump in net profit to US$14.5 million in 3Q2013
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 for the three months ended September 30, 2013 (“3Q2013”) jumped 15.4% to US$1 4.5 million from US$12.5 million in the three months ended September 30, 2012, the company said in its press release.
Revenue was up 3.4% to US$274.2 million from US$265.3 million over the same period, driven by growth in the South East Asia segment.
Commented Mr. Francis Wong, Group Chief Executive O fficer and President of Swiber, “We continue to make steady progress, seen from our top and bottomline performance. It is heartening that our investments in our associates a nd joint ventures have reached a new level and become significant contributors to our financia ls. We will continue to cultivate these companies and seek out synergistic opportunities to complement our core capabilities in order to provide further value to our global customers.”
Other Performance Review In line with the higher revenue of US$274.2 million , gross profit climbed 4.6% to US$39.0 million in 3Q2013. Gross profit margin was up 0.1 p ercentage points to 14.2% in 3Q2013 from 14.1% in 3Q2012. Share of profit of associates surged over three tim es to hit US$15.9 million in 3Q2013 from US$4.9 million in 3Q2012 with positive contribution s from certain associates and joint ventures. With the rise in business activities, administrativ e expenses and finance expenses also increased.
Other operating expenses, however, decl ined 63.8% to US$1.5 million mainly due to fair value loss on financial liabilities, partially offset by lower exchange losses. In line with above, net profit rose 15.4% to US$14.5 million in 3Q2013. Swiber’s basic earnings per share, based on its 3Q2 013 results, was up at 1.3 US cents from 1.2 US cents in 3Q2012, while net asset value per share rose to 87.3 US cents as at September 30, 2013, from 79.3 US cents as at 31 December 2012.
For 3Q2013, gross profit margin held steady at the healthy level of 14.2%. Net profit was up 12.8% to US$51.9 million in 9M201 3 from US$46.0 million in 9M2012. Growth Strategies & Outlook Commented Mr. Francis Wong, “Oil prices are expecte d to remain at a sustainable level that will lead to continued expenditure by major oil and gas companies to expand their offshore exploration activities and enhance their production . As we remain prudent in managing our operations, we will also maximise cost efficiencies to provide value added solutions to our customers. In November 5, 2013, Swiber received an offer of S$ 0.80 in cash for each share in Kreuz Holdings (“Kreuz”), which represents a premium of approximat ely 78.4% over Kreuz’s NAV per share as at Sept 30, 2013. Swiber is expected to record a net g ain of approximately US$90.6 million from this proposed disposal. The cash proceeds from the disposal will be used as working capital to fund the operations of the Group’s core businesses and to un dertake future business expansions, acquisitions and new investment opportunities. “
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, Middle East, and Latin America regions. Since its foundation in 1996, Swiber has been dedicated to building the company into a leader in the offshore oil and gas industry. Today, Swiber is a p ublic-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. In September 2008, Swiber was featured on Forbes Asia’s “Best under a Billion” list, an honour given to the top 200 Asia-Pacific companies with consistent grow th in both sales and profits over three years.