Swissco Holdings says the group incurred net loss of $1.05 million for the half year ending Aug 31 2010 (HY2011) due mainly to the higher operating expenses in the acquisition of SIL Group and lower charter revenue.

Group revenue increased marginally by 0.6% to $1.94 million from $1.93 million due mainly to higher service fee of $0.96 million recognised in HY2011 compared to $0.46 million recognised in HY2010.

However, revenue was offset by lower charter revenue as a vessel was dry-docked for five months for survey.

Gross profit for the group decreased by 14.4% to $0.65 million HY2011 from $0.76 million in HY2010 as a result of higher operating costs involved for operating five vessels in HY2011 compared to four vessels in HY2010.