Swiber Holdings Limited , a leading global provider of integrated offshore construction and support services to the oil and gas industry, today reported a net profit of US$ 40.1 million for the nine months ended 30 September 2014, the company said in its press release. This was a decline of 22.8 % from US$ 51.9 million in the sa me period last year.
Group revenue in 9M 2014 contracted by 36.3 % to US$ 526.2 million compared to US$ 826.0 million in 9M 2013 , mainly due to lower revenue recognition from ongoing projects which were substantially completed in FY2013. In addition, the activities for its n ew EPIC (engineering, procurement, installation and construction) projects have not commenced in the three months ended 30 September 2014.
As a result of lower revenue, the Group’s gross profit margin narrowed to 5.1% in 9M2014 from 15.3% previously , due to under absorption of fixed costs.