Swiber Slips into Red

Singapore-listed EPIC contractor, Swiber, has reported net loss of USD 0.2 million for the first quarter ended March 31, 2016 (1QFY16), compared to profit of USD 70 000 same time last year.

The loss per share for 1QFY16 was 0.6 US cents against a loss of 0.4 US cents in 1QFY15.

Swiber said its bottom line was negatively affected by higher income tax expense of USD 8.7 million, versus USD 2.2 million in the prior-year quarter. The company’s pre-tax profit more than tripled to USD 8.5 million in 1QFY16 from US$2.3 million in the corresponding period in 2015.

The company generated quarterly revenue of USD 191.3 million, up 16.0 per cent from USD 164.9 million in 1QFY15.

The revenue boost was resulted by new contracts secured in the last 12 months, from ongoing projects in South Asia and Latin America.

As at March 31, 2016 Swiber’s order book was at USD 1.2 billion.

Subsea World News Staff