Swiber's Q2 earnings fall 81.3%

A DECLINE in the number of contracts executed led to an 81.3 per cent fall in Swiber Holdings' pre-tax profit and an 8.7 per cent dip in revenue for the second quarter ended June 30, 2015.

The global provider of engineering, procurement, installation and construction services for the offshore industry on Friday posted pre-tax profit of S$2.21 million in Q2 FY2015 compared to S$11.8 million previously, and revenue of US$200.2 million, down from US$219.3 million in the same period last year.

For the first six months, revenue fell 12.8 per cent to US$365.1 million. Group net loss totalled US$3.1 million against a profit of US$63 million in the same period last year.

Net attributable profit declined to US$8.3 million compared to US$55.5 million in the previous corresponding period.

Net asset value per share was 62.1 US cents as at June 30, down from 90.6 US cents as at Dec 31, 2014.

Swiber announced a special dividend of S$0.03 per share for the financial year ended Dec 31, 2014.