Published:
Swiber’s net profit plunged 65.1% to $29.6m in FY14
Revenue slipped 30.1% to $990m.
Swiber Holdings reported that its net profit plunged 65.1% to $29.6m ($21.7m) in FY14, while revenue slipped 30.1% to $990m (US$726.5m).
Net profiy was boosted by the sale of Kreuz in the year. Excluding such one-off items, core net loss was around $92.8m (US$68m) in FY14.
According to OCBC, there was a loss on the gross level in 4Q14, bringing full year gross margin to only 2.4% vs 16.4% in FY13.
“Certain costs saving initiatives were undertaken recently, such as the termination and restructuring of existing vessel arrangements that were previously being leased. Net gearing stood at 1.5x as at end FY14,” stated OCBC.
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