Swiber reports lower earnings in second quarterCompany News // August 17, 2015
Swiber Holdings Limited has reported lower earnings in the second quarter ending 30 June 2015, primarily as a result of fewer contracts being executed.
Pre-tax profit fell 81.3 per cent to US$2.2 million in the second quarter against US$11.8 million previously. With the absence of foreign exchange, fair value, and disposal of associate gains, net attributable loss totalled US$4.6 million against a profit of US$7.5 million in the previous corresponding period.
Group revenue fell 8.7 per cent to US$200.2 million from US$219.3 million in the same period last year.
During the quarter under review, revenue from Latin America contributed 64.3 per cent or US$128.7 million, with the balance coming from Southeast Asia, South Asia, and other markets.