Singapore-listed offshore services provider Swissco Holdings’ profit for the second quarter of 2015 was USD13.2 million, an increase of almost fourfold from the profit of USD3.6 million in the same period a year ago.
The company’s revenue for the same period was USD18.4 million, with revenue contribution from its two fully owned drilling rigs at USD10.7 million. The company’s offshore support vessel and ship repair segments contributed USD.7.7 million.
Swissco stated in its filing to the Singapore Exchange that it changed its functional reporting currency from Singaporean dollar to US dollar in the last quarter of 2014 on the rationale that US dollar better reflects the current and prospective economic substance of the underlying transactions and circumstances of the company.
As of 30 June, Swissco maintained a healthy balance sheet with a strong cash and cash equivalent balance of USD56.1 million, compared with USD38.6 million on 31 December 2014.