Swiber Holdings' net profit up 42.4% to S$45.7m

But will 2013 be better?

According to OCBC Investment Research, Swiber Holdings (Swiber) reported a 45.5% rise in revenue to S$952.2m and a 42.4% increase in net profit to S$45.7m in FY12.

Here's more:

Stripping out one-off items such as disposal gains, fair value gains on financial liabilities and forex losses, we estimate core net profit of US$30.1m in FY12, slightly lower than our forecast of US$32.3m.

Gross profit margin was lower at 15.9% in FY12 compared to 17.3% in FY11, but still within management’s guidance of 15-20% in general.

The group also announced that it has won contracts worth about US$153m for work in SE Asia (likely Brunei and Malaysia). We understand that this comprises three contracts, with the largest worth at least US$100m.

Work will commence immediately, with expected completion by this year.

According to management, about 50% of the group’s current order book of US$1.35b would be recognized in FY13, with the rest to be booked in FY14-16.

This would mean about US$675m worth of work would be booked in FY13, accounting for 60% of our FY13 full year revenue estimate. Out of the US$2.4b worth of projects that Swiber has bid, we estimate about US$500-600m are for work in FY13.