Swissco

Swissco: 4Q13 net profit doubled to $12.9m (+102% y/y), on revenue spike of 87% to $79.3m. The topline came on the back of higher recognition upon delivery of vessels under its maritime services segment (+103%), an increased number of vessels owned and operated as a result of its fleet renewal and expansion program (+29%) and more third party repair and maintenance jobs. (+100%). Gross margin lowered 6.7ppts to 23.3% as margins for the maritime services segment that made up 83% of revenue are relatively lower compared to the other segments. Swissco declared a first and final dividend of 0.5¢/share, as well as a 0.5¢ special dividend. This is compared to the 0.8¢ paid out in FY12. At $0.40, Swissco trades at 7.5x trailing P/E and 1.2x P/B.