Kreuz Holdings Limited (“Kreuz” or together with its subsidiaries, the “Group”), an integrated subsea service provider for the oil and gas industry, reported that the Group’s net profit surged 60.3% to US$16.6 million for the third quarter ended September 30, 2013 (“3Q2013”) from S$10.4 million in the previous corresponding period (“3Q2012”).
Mr. Kurush Contractor, Executive Director and CEO of Kreuz , said: “ I am pleased that Kreuz has achieved good results for 3Q2013. As a Group, Kreuz shall continue to exercise its mission of executing projects on schedule and within budget. This has had a positive impact on our results to-date and we have in fact already surpassed FY2012 revenue in 9M2013 while maintaining margins within expectations.”
Group’s revenue soared 69.0% from US$45.5 million in 3Q2012 to US$76.9 million in 3Q2013. Correspondingly with the increase in revenue, cost of sales increased by US$22.6 million to US$52.5 million in 3Q2013 from US$29.9 million in 3Q2012. As a result, the Group achieved a 56.0% growth in gross profit to US$24.4 million in 3Q2013. Due to increased business operations, administrative expenses increased by US$1.3 million to US$3.5 million in 3Q2013.
For the nine-month period ended September 30, 2013 (“9M2013”) Group’s revenue and net profit increased 30.4% and 23.8% respectively to US$202.5 million and US$42.0 million respectively, from the previous corresponding period (“9M2012”).
The Group continues to maintain a strong balance sheet with low gross gearing ratio of 11.3% as at September 30, 2013. Net asset value per share increased from 28.54 US cents as at December 31, 2012 to 36.09 US cents as at September 30, 2013.
Outlook
In line with the current energy demand and economic trend, the Group will continue its efforts to develop and seek to secure projects. The need for subsea services towards green fields and marginal fields developments as well as enhancing and supporting brown fields is projected to continue. Asia-Pacific, India, Middle East and Africa, are being viewed as regions with potential.
“In continuation of our strong drive towards ensuring quality performance, we have persisted in executing our projects safely, on schedule and with accountability to our Clients, ” said the company.
Press Release, November 04, 2013