Swiber Holdings reported a 9.4% YoY fall in revenue to US$219m but saw a 143.1% increase in net profit to US$10.1m in 2Q14, boosted by one-off items amounting to US$18m comprising gain on disposal of associate, JV, PPE, foreign exchange gains and fair value gain on financial instruments. Excluding these, the group saw a core net loss of about US$8m in the quarter, such that 1H14 reported a core net loss of ~US$34m vs our full year core net loss estimate of US$31m.
As of Aug 2014, the group has an order book of about US$610m, and expects to secure more contracts in the next two quarters as more bids are being submitted. Pending an analyst briefing later in the afternoon, we put our HOLD rating and
fair value estimate of S$0.63 under
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