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Singapore-based service provider Swiber more than doubled its profits during the first quarter of the year despite a fall in revenue.

Swiber posted a profit of $52.8 million for the first quarter of the year, up from $25.6 million last year.

Revenues fell 35.6% year-on-year, from $309.7 million to $199.5 million.

Swiber CEO Francis Wong said, “We are pleased to see that the subsidiaries that we’ve nurtured, and relationships with associates and joint ventures that we’ve built-up over the years, have come to fruition.”