Username
Password
Forget Password?
  1. Indices
  2. Commodities
  3. Currencies
Straits Times 3,134.71 +18.54 +0.59%
Hang Seng 26,664.28 +160.35 +0.61%
Dow Jones 27,001.98 -22.82 -0.08%
Shanghai Composite 2,978.71 -12.33 -0.41%
Sembcorp Marine 9M15 Net Profits Slumps 36%
Daily Bulletin | 23 October 2015
Related stocks:
S51
By:

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.

Sembcorp Marine  1.220 +0.030 +2.52%   
Business: Co is a leading global marine & offshore engineering group. [FY18 Turnover] rigs & floaters, repairs & upgrades, offshore platforms (98.8%), ship chartering (1%), others activities (0.2%).

Insight: May-19, 1Q19 revenue fell 31.3% to $810.6m due to ... Read More


Join The Conversation
The Shares Investment editorial team welcomes constructive feedback on our coverage and content. We would also be delighted to answer any questions on the above article. Leave us a comment below, and we'll get back to you shortly!

All Rights Reserved. Pioneers & Leaders (Publishers) Pte Ltd. Best viewed with Mozilla Firefox 3.5 and above.