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Sembcorp Marine 9M15 Net Profits Slumps 36%
Sembcorp Marine has announced a 9M15 net profit of $247.2 million, a slump of 36 percent from the net profit of $386.1 million last year, brought about by a decline in revenue received.
Revenue saw a drop of 17 percent to $3.64 billion (9M14: $4.39 billion) mainly due to lower revenue recognition for rig building projects and lower average revenue per repair vessel despite the increase in the number of ships repaired. Customer deferment requests in 3Q15 for jackup rigs have resulted in the revenue recognition suspended for several rig building contracts. Customers’ restructuring has also contributed to the lower revenue recognition.
Coupled with surges in other operating expenses of 75.8 percent as well as finance costs due to higher interest expenses from higher bank borrowings in 3Q15, the group’s profitability was dealt a heavy blow.
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