Swiber Holdings FY2011 profit falls 14% despite record turnover

By CARINE LEE


Swiber Holdings Limited on Monday said its net profit for the fiscal year ended Dec 31, 2011 decreased 14 per cent year on year to US$32.07 million from US$37.27 million.

The group had recorded net revenue of US$654.49 million, representing a 40.5 per cent increased from a year ago.

Higher turnover was offset by higher administrative expenses in line with business expansion, a decrease in gain on asset disposal, higher finance cost, as well as lower share of profit from associates and joint ventures.

Earnings per share decreased to 6.3 US cents, from 7.4 US cents a year ago.