Growth in South-east Asia businesses lifts Swiber's Q3 revenue

Singapore-listed Swiber Holdings, which provides construction and support services to the offshore oil and gas industry, has reported US$7.7 million (S$9.6 million) in net profit for the third quarter, a 4.5 per cent rise over the same period a year ago.

Revenue for the three months ended Sep 30 climbed 3.4 per cent over last year to US$274.2 million, the group said on Wednesday.

This growth was mainly attributable to better performance in the South-east Asia segment, it added.

But earnings were also boosted by a jump in the share of profits from associates and joint ventures, which more than tripled to US$15.9 million in the quarter.

"It is heartening that our investments in our associates and joint ventures have reached a new level and become significant contributors to our financials," said Mr Francis Wong, group chief executive officer and president of Swiber, in a press release.

"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."

Group earnings per share was 1.3 US cents for the quarter, from 1.2 US cents last year. Net asset value per share was 87.3 US cents as at Sep 30, compared with 79.3 US cents as at Dec 31.

The group's order book stands at about US$900 million as of November this year.