Swiber FY13 net profit up 36% at US$62.12m

SWIBER Holdings posted a net profit of US$62.12 million for the financial year ended Dec 31, 2013, up 36 per cent from the US$45.68 million posted last year.

The bottom line was boosted by other operating income, which increased 169.4 per cent to US$65.7 million due mainly to a fair value gain of US$56.8 million. The company had entered into an option agreement dated Oct 2, 2013 with Vallianz Holdings Limited and acquired an aggregate of 500 million share options, with each option carrying the right to subscribe for one new ordinary share in the capital of Vallianz at the exercise price of S$0.055 cents per option.

Swiber also received a net gain on disposal of subsidiaries, associates and joint venture of US$5.4 million and a gain on disposal of property, plant and equipment of US$3.1 million. This was partially offset by lower "other income", which include lower exchange gains and fair value loss on financial liabilities designated as fair value through profit or loss of total US$7.8 million.