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Sembcorp’s Group profit after tax and minority interest (PATMI) for the year grew 35% from S$507.1 million to S$682.7 million, while turnover stood at S$9.6 billion.
The Marine business’ contribution to Group PATMI grew 48% from S$290.6 million to S$430.2 million, attributable to a combination of
operational efficiency and execution of projects ahead of schedule resulting in better margins and the resumption of margin recognition for some of the business’ projects. The Utilities business’ PATMI grew by 6% from S$200.3 million to S$211.3 million, with operations in Singapore, China, Vietnam and the UAE showing growth.
Sembcorp’s turnover increased by 15% from S$8.6 billion to S$9.9 billion. Group PATMI for the year stood at S$507.1 million. Excluding the one-off write-back of S$48 million of tax provisions recorded in 2007, Sembcorp achieved a PATMI growth of 6%.
Sembcorp’s Utilities and Marine businesses continued to be its main profit contributors, accounting for 92% of Group PATMI. Marine’s contribution to Group PATMI rose 32% to S$290.6 million, mainly due to higher revenue and operating margins from its rig building and ship repair businesses. Utilities’ PATMI stood at S$200.3 million with its Singapore and UK operations contributing S$130.8 million and S$67.6 million respectively.
During the year, the Group recorded an exceptional loss of S$26.9 million comprising of the Group’s share of the Marine business’ foreign exchange losses from the unauthorised transactions.
Sembcorp achieved a 6% growth in turnover to S$8.6 billion. Group PATMI before exceptional items (EI) in 2007 was S$557.2 million compared to S$380.8 million in 2006, representing a growth of 46%. Strong business fundamentals continued to drive Sembcorp’s growth, backed by positive operating performance from Utilities’ Singapore and UK operations and Marine’s rig building and ship repair businesses.
The Group recorded a net exceptional loss of S$31.0 million during the year, which comprised the Group’s share of losses recognised by the Marine business’ unauthorised foreign exchange transactions, partially offset by gains on the sale of certain investments.
Sembcorp achieved a robust performance, posting a record PATMI after EI of S$1.0 billion, a growth of 240% over 2005. Turnover from continuing operations increased by 30% to a record S$7.5 billion. PATMI before EI from continuing operations rose by 52% to S$373.1 million, driven mainly by strong performance from Utilities’ UK operations and higher operating margins from Marine’s rig building and ship repair businesses.
The Group recorded exceptional gains of S$650.2 million in 2006. These comprised the net gain on the sale of subsidiaries and other financial assets, tax benefits relating to compensation and related costs incurred in the Solitaire arbitration and the write-back of an impairment for property, plant and equipment. These were partially offset by an additional charge arising from the final settlement of the Solitaire arbitration as well as a loss from the sale of a subsidiary.
Sembcorp’s turnover increased by 25% from S$5.9 billion in 2004 to S$7.4 billion in 2005. The Group’s PATMI before EI was S$278.5 million
compared to S$227.7 million in 2004, representing a 22% growth driven mainly by Utilities’ UK operations and growth across all of Marine’s business units, in particular offshore conversion and rig building. PATMI excluding the profit contribution from Kuehne & Nagel and EI was 45% higher as compared to 2004. |
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