MODEC annual profit increases

MODEC INC., which is involved in the floating offshore oil and gas production facility business, has reported a net income of JPY5.13 billion, for the year ended December 31, 2012, compared to JPY3.07 billion for the year ended December 31, 2011.

Gross profit for the year ended December 31, 2012 was JPY13.63 billion, compared to JPY7.61 billion for the year ended December 31, 2011.

Operating profit for the year ended December 31, 2012 was JPY3.47 billion, compared to JPY293 million for the year ended December 31, 2011.

Total assets as of December 31, 2012 were JPY154.1 billion, compared to JPY124.13 billion, as of December 31, 2011.