Swiber posts net profit of US$31.2 million in FY2014
Swiber Holdings Limited , a leading global provider of integrated of fshore construction and support services to the oil and gas industry, has reported a net profit of US$31.2 million for the financial year ended 31 December 2014, the company said in its press release. Net profit for FY2014 decreased substantially from US$90.9 million last year due mainly to a 30.1% contraction in Group revenue to US$726.5 million.
The top line declined as revenue from ongoing projects was substantially recognised during FY2013 while new projects commenced only in the fourth quarter of FY2014 and FY2015. Around 66% of the Group’s revenu e was derived from Southeast Asia, 27% from Latin America with the remaining 6% from South Asia and other markets. As a result of lower revenue, the Group’s gross profit margin narrowed to 2.4% in FY2014 from 16.4% previously, due to under absorption of fixed costs.
However, other operating income soared to US$126.1 million from US$66.6 million in FY2013, lifted mainly by a net gain on disposal of a group of subsidiarie s and associates of US$101.8 million. The Group also benefited from an increase in share of profit from associates and joint ventures to US$41.5 million in FY2014, up 40.7% from US$29.5 million in the previous year. The Group’s efforts to streamline its operations du ring FY2014 are also paying off as its administrative expenses fell by 30.3% to US$55.3 million.
On the other hand, other operating expenses increased by 64.2% to US$28.5 million due to higher net fair value loss on financial instruments, while finance exp enses climbed 39.5% to US$65.5 million on higher borrowings, issuance of debt securities and negative carry between new issuance of debt securities and repayment of maturing debt securities. As a result, the Group’s earnings per share for FY2 014 decreased to 3.6 US cents from 10.2 US cents in FY2013. Net asset value per share increased to 92.4 US cents as at 31 December 2014, from 89.7 US cents as at 31 December 2013
About Swiber Holdings Limited
Swiber is a world class integrated construction and support services provider to the offshore oil and gas industry, 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 o ffshore oil and gas industry. Today, Swiber has established an eminent position among global offshore oil and gas engi neering and construction organisations. With an extensive and growing operating fleet of 81 vessels, comprising 68 offshore vessels and 13 construction vessels, and more than 3000 emp loyees in over 40 different nationalities in strate gically located offices in the region, the Swiber name is synonymous with excellence, safety, innovation and value amo ng its customers.