Sembcorp Marine’s 1H15 Net Profit Slips 15.3% To $215.1 Million

Sembcorp Marine announced 1H15 revenue of $2,511.3 million, down 6.2 percent from the same period last year, while net profit fell 15.3 percent to $215.1 million.

Turnover decreased mainly due to the lower revenue recognition for rig building projects and lower average revenue per repair vessel despite the increase in the number of ships repaired, mitigated by higher revenue recognition for offshore and conversion projects. Higher finance costs and lower associates and joint ventures contributions further eroded profitability.

The group has a net order book of $10.9 billion, including $1.35 billion in contracts secured since January 2015.

In line with its plan to optimise capabilities and capacities, as well as increase efficiency and productivity, the company’s various business units were integrated under one brand focusing on four key capabilities, namely, rigs and floaters, repairs and upgrades, offshore platforms, and specialised shipbuilding.

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