This is a discussion on Sembcorp Q3 profits up 65% within the Local & Foreign Issues forum, part of the Community Lounge category; BUOYED by a strong performance from its marine arm, Sembcorp Industries has posted a strong 65 per cent jump in ...
BUOYED by a strong performance from its marine arm, Sembcorp Industries has posted a strong 65 per cent jump in its third quarter net profits to $244.1 million.
Sembcorp's utilities and industrial parks businesses also helped to boost the bottomline for the three months ending Sept 30. This profit figure includes the settlement paid by French bank Societe Generale to Sembcorp's marine arm over foreign exchange losses.
Excluding this $32.1 million exceptional item, the Singapore energy, water and marine group's profit was still up 43.2 per cent to $212 million.
Rig builder Sembcorp Marine, which is 61 per cent owned by Sembcorp Industries, had posted a 105 per cent gain in quarterly earnings last week. Its profit contribution to Sembcorp Industries' grew 67 per cent to $148.4 million.
Profits from the group's utilities arm climbed 6 per cent to $59.3 million, while its industrial parks business raked in $6.14 m, which is a 40 per cent jump from the previous period.
Revenue for the group fell by 16 per cent to $2.15 billion, largely owing to the way that revenues are recognised from its marine arm's projects.
Sembcorp Q3 profits up 65%