Kreuz Holdings, the integrated subsea service provider for the oil and gas industry, said net profit for the three months ended September 30, 2012 (3Q2012) was US$10.4 million ($12.7 million) for 3Q2012, 76.9% higher compared to net profit of US$5.9 million a year ago in 3Q2011.
Group revenue increased 33.6% to US$45.5 million as compared to US$34.1 million in the previous corresponding period (3Q2011).
For the nine months ended September 30, 2012 (9M2012), net profit increased 33% to US$34.0 million, as compared to US$25.5 million in the previous corresponding period (9M2011). This was achieved on a 35.6% increase in revenue to US$155.4 million in 9M2012 as compared to US$114.5 million in 9M2011.
The increases in revenue for both 3Q2012 and 9M2012 were driven mainly by higher revenue from related parties.
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