Swiber Holdings Limited has reported a net loss of US$18.7 million for the financial year ended 31 December 2015 (FY15) against a profit of US$31.2 million previously mainly due to impairment charges and absence of one-time gains.
The core business of the Group continued to see growth particularly in Latin America and South Asia despite depressed market conditions.
Group revenue rose 14.7% to US $833.0 million in FY15 on higher contributions recognised from Latin America and new projects in South Asia.
Latin America contributed 53.6% or US$446.8 million to Group revenue, South Asia US$244.1 million, while South East Asia and other markets added US $117.1 million and US$24.9 million respectively.
Other operating income fell 91.4% to US$8.9 mi llion due mainly to the presence of a one-time gain in FY14 on disposal of a group of subsidiaries and associates amounting to US$101.8 million, as well as lower foreign exchange gains of US $7.9 million and the absence of write-back receivables in FY15.
Impairment loss of trade receivables amounting to US$8.6 million raised other operating expenses by 100.9% from US$5.9 million to US$11.9 million.