Sembcorp’s net profit for the year
grew 16% from S$682.7 million
to S$792.9 million, while turnover
was S$8.8 billion compared to
S$9.6 billion in 2009.
The Utilities and Marine
businesses continued to be the
Group’s main profit contributors,
accounting for 95% of its net
profit. The Utilities business’
net profit improved by 2%. All
regions registered growth except
for operations in Teesside, UK.
Singapore operations performed
well, mainly driven by high
electricity prices and higher
contributions from our natural
gas importation business. Outside
Singapore, operations in China and
Middle East & Africa also registered
strong growth, increasing 226% and
80% respectively. The performance
of operations in Teesside, UK was
affected by lower volumes as a
result of the previously announced
closure of some of its customers’
facilities, low market spreads for
power as well as the write-down of
certain ageing assets. The Marine
business’ contribution to net profit
grew 22% from S$430.2 million to
S$524.9 million. This increase was
mainly attributable to the execution
of projects ahead of schedule and
the achievement of better margins
for the business’ rig building,
offshore and conversion projects
through higher productivity, as
well as the resumption of margin
recognition for a rig building
project upon securing a buyer.
During the year, the Group
recorded an exceptional gain of
S$32.1 million comprising the Group’s
share of the Marine business’ full and final amicable settlement of disputed
foreign exchange transactions.
Sembcorp’s net profit 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 net profit grew 63% from
S$263.7 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’ net profit
grew by 12% from S$202.4 million
to S$226.7 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.
Net profit for the year stood at
S$507.1 million. Excluding the one-off
write-back of S$48.0 million of tax
provisions recorded in 2007, Sembcorp
achieved a net profit growth of 6%.
The Marine business’ contribution
to net profit rose 75% to S$263.7
million, mainly due to higher
revenue and operating margins
from its rig building and ship repair
businesses. The Utilities business’
net profit stood at S$202.4 million
with main contributions from
Singapore and UK operations.
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. Net profit
in 2007 stood at S$526.2 million.
Strong business fundamentals
continued to drive Sembcorp’s
growth, backed by positive
operating performance from the
Utilities business’ Singapore and UK
operations and the Marine unit’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 net profit of
S$1.0 billion, a growth of 240% over
2005. Turnover from continuing
operations increased by 30% to S$7.5
billion. Excluding the exceptional
gains of S$650.2 million, net profit
for the year stood at S$380.8 million,
driven mainly by strong performance
from the Utilities business’ UK
operations and higher operating
margins from the Marine unit’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. |
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