Disposal gain boosts Swiber's Q1 bottomline

SWIBER Holdings's first-quarter net profit more than doubled to US$48 million, from US$20.1 million a year earlier, owing to a gain from disposal of its subsidiaries.

The rise in profit attributable to shareholders came amid a 35.6 per cent fall in revenue to US$199.5 million.

This was because a significant portion of ongoing projects was recognised in 2013 while recently awarded projects have not commenced, the offshore construction and support services provider said yesterday.