Swiber Holdings sees good increase in profitsCompany News // November 14, 2012
Swiber Holdings Limited has reported a 14.0 per cent increase in net profit to US$46.0 million for the nine months ended September 30th 2012, in tandem with a 47.0 per cent surge in revenue to US$689.3 million over the same period.
The strong revenue growth was driven by various offshore construction contract wins that are concentrated beyond the group's traditional markets of Southeast Asia and South Asia and include Latin America. Gross profit held steady at 15.7 per cent.
Francis Wong, Group Chief Executive Officer and President of Swiber, said: "We are pleased to have delivered a good nine-month performance, which has surpassed FY2011 topline and bottomline results.
"Our strategies of expanding our capabilities and geographical reach have continued to bear fruit. Our latest sizeable US$143 million wins in Southeast Asia and Latin America are a strong endorsement of our capabilities by oil majors."