Swiber US$27.5m in the red in Q3

Singapore

SWIBER Holdings on Wednesday posted a net loss of US$27.5 million for the third quarter compared to a net profit of US$7.7 million made during the same period last year, due mainly to lower revenue recognition for projects that have not begun.

Revenue for the three months ended Sept 30 declined 60.9 per cent to US$107.3 million, from US$274.2 million last year. The decrease was due to significant revenue from on-going projects being recognised in FY2013 and recently awarded projects that have not commenced.