Swiber Holdings Ltd. reported earnings results for the year ended December 31, 2009. For the year, the company reported return on equity of 12.9% against 18.9% last year. Return on asset was 4.2% against 5.6% last year.

Swiber Holdings Ltd. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2009. For the quarter, the company reported revenue of $99.5 million, loss before taxation of $7.7 million and net loss attributable to equity holders of the company of $6.4 million against revenue of $102.9 million, loss before taxation of $9.9 million and net loss attributable to equity holders of the company of $8.3 million for the same period last year. Revenue declined by approximately $3.4 million or 3.3. Losses after tax for the quarter improved by $2.8 million or 24.8%. If excluding the fair value accounting of embedded derivative of $4.5 million a non cash item, and a one time write-off of the Convertible Bond issuance cost of $2.4 million, fourth quarter of 2009 would have recorded losses of $1.6 million. For the year, the company reported revenue of $393.4 million, profit before taxation of $43.8 million and net profit attributable to equity holders of the company of $34.6 million against revenue of $428.4 million, profit before taxation of $45.2 million and net profit attributable to equity holders of the company of $38.8 million for the same period last year. Net cash used in operating activities was $51.9 million against net cash generated from operating activities of $2.1 million last year. Additions to property, plant and equipment and assets held for sale was $220.1 million against $259.3 million last year. Diluted EPS was 7.39 cents against 9.19 cents last year. The company recorded $4.5 million of mark to market financial derivative loss. Excluding these items, the company would have achieved a 16.2% increase in net profit to $45.9 million. For the quarter, bad & doubtful debts written off were $300,000.Other operating expenses increased by $3.6 million from $3.6 million in the fourth quarter of 2008 to $7.2 million in the fourth quarter of 2009. The increase was mainly due to changes in fair value of financial derivative embedded within the convertible bonds issued during the fourth quarter of 2009 of $4.5 million and one time issuance cost write-off of $2.4 million in fourth quarter of 2009.

Swiber Holdings Ltd. announced that they will report fiscal year 2009 results on 03/01/2010