Net profit for the three months to 31 March was $12.5 million, compared to
the $11.9 million booked during the first quarter of 2011.
The rise in profits came as revenues jumped 29% to $194.4 million which Swiber attributed to progressive revenue recognition from a number of contracts it was awarded in 2010 and 2011 in the South East Asia and South Asia regions.
“Our revenue growth bears testament of our strong execution, in terms of delivering on contracts won in the last two years,” Swiber chief executive Francis Wong said.
“Even so, we have not been resting on our laurels. We are pleased to have achieved new milestones in the first quarter of this year, both in terms of larger contracts secured, as well as breaking into new and vibrant markets, including the Gulf of Mexico and the Middle East.”
Wong also gave a positive outlook for the year ahead, expecting “robust” demand for offshore support services which he said the company was “well-positioned” to capture.
As of May, Swibers order book stood at about $1.2 billion which it expects to contribute to its results over the next two years.
The rise in profits came as revenues jumped 29% to $194.4 million which Swiber attributed to progressive revenue recognition from a number of contracts it was awarded in 2010 and 2011 in the South East Asia and South Asia regions.
“Our revenue growth bears testament of our strong execution, in terms of delivering on contracts won in the last two years,” Swiber chief executive Francis Wong said.
“Even so, we have not been resting on our laurels. We are pleased to have achieved new milestones in the first quarter of this year, both in terms of larger contracts secured, as well as breaking into new and vibrant markets, including the Gulf of Mexico and the Middle East.”
Wong also gave a positive outlook for the year ahead, expecting “robust” demand for offshore support services which he said the company was “well-positioned” to capture.
As of May, Swibers order book stood at about $1.2 billion which it expects to contribute to its results over the next two years.
Posts
No comments:
Post a Comment