Bulging margins boost Sembcorp profit
Singapore’s Sembcorp Marine reported a 24% jump in net attributable profit due
to higher operating margins from rig building and the ship repair business.
Net attributable profit for the January to March quarter hit S$91.3 million
(US$66.5 million) compared with S$73.7 million for the same period last year.
Group turnover for the quarter dropped 3.9% to S$916.1 million compared with
S$953.7 million over the same period last year. The dip is mainly due to
timing differences in the recognition of revenue from building contracts,
but the company said this was offset by the higher revenues from the ship
offshore conversion and repair business.
The outfit said its net order book stood at S$6.6 billion with completion and
deliveries stretching till 2011.
“Based on the scheduled completion of these projects, the group expects the
full year 2008 to be a better year the full year 2007,” said Sembcorp.
08 May 2008 05:58 GMT
| last updated:
08 May 2008 05:59 GMT
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