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Swiber's Q1 net profit doubles to $66m on sale of subsidiaries

Published on May 15, 2014 10:53 AM

SINGAPORE - Net profit more than doubled in the first quarter at Swiber Holdings as the group booked gains from the sale of its subsidiaries and a higher share of profits from associates and joint ventures.

The Singapore-listed offshore construction and services support provider said on Thursday that earnings jumped 106.4 per cent in the first three months of the year over the previous year to US$52.8 million (S$66.0 million).

This was despite a 35.6 per cent fall in revenue to U$199.5 million. Swiber said a significant portion of ongoing projects were recognised last year, while work has yet to start on recently-awarded contracts, thus creating a temporary lull in revenue.

Net profits were was boosted by a jump in operating income, which stemmed from a net gain of US$95.1 million from the disposal of its subsidiaries, Swiber said.

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