Kreuz's third quarter net profit soars 60.3% to $20.8 million

Sub-sea services provider Kreuz Holdings posted a 60.3 per cent jump in third quarter net profit to US$16.6 million (S$20.8 million).

Kreuz chief executive Kurush Contractor said: "I am pleased that Kreuz has achieved good results for the third quarter this year. As a group, Kreuz shall continue to exercise its mission of executing projects on schedule and within budget."

Revenue from related companies and third party customers led the increase in revenue, which grew 69 per cent to US$76.9 million in the three months to Sept 30.

Earnings per share came in at 2.98 US cents compared with 1.86 US cents from the same period last year, while net asset value per share rose to 36.09 US cents as at Sept 30, from 28.54 US cents as at Dec 31.