Swiber Holdings suffers from higher admin, operating costs

But gross profit still jumped 13.7%.

According to OCBC Investment Research, Swiber Holdings (Swiber) reported a 5.4% YoY rise in revenue to US$242.1m and a 13.7% increase in gross profit to US$37.1m in 2Q13.

However, higher administrative, finance and other operating expenses contributed to a 72.5% fall in net profit to US$4.2m in the quarter. Earnings are generally lumpy by quarter due to project executions.

Here's more:

1H13 net profit rose 2.0% and accounted for close to 40% of our full year estimate, slightly below our expectations.

Still, execution remains steady and the group has a US$1.2b order book with more work expected to be carried out in 2H13.

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