Swissco Q4 profit doubles

Singapore

MARINE company Swissco more than doubled its net profit to $12.9 million for its fourth quarter ended Dec 31, 2013, from $6.4 million a year ago. Revenue surged 86.6 per cent to $79.3 million due mainly to the completion and delivery of vessels under its maritime services segment. Q4 earnings per share were 2.97 cents, up from 1.47.

The results lifted full-year net profit by 41.5 per cent to $23.2 million. FY2013 revenue edged up 4.3 per cent to $114.7 million. Gross profit dipped to 27.3 per cent from 28 per cent due to higher crew and maintenance costs.