Swiber bottom line more than doubles

OFFSHORE oil and gas industry services provider Swiber Holdings saw its net profit for the second quarter more than double to US$10.11 million from US$4.16 million , while revenue slipped 9.4 per cent to US$219.33 million.

The lower revenue this quarter arose as significant revenue from ongoing projects was recognised in FY2013 while work on projects that had been landed recently for FY2014 hasn't started as yet, Swiber said.

Earnings per share for the quarter under review came to 1.7 US cents, up from 0.7 US cent previously.