Sembcorp Marine: Another Quarter Of Continuous Growth

Sembcorp Marine delivered another quarter of continuous growth with an 8% increase in Group attributable profit to $138.1 million from $128.3 million in 2Q 2008. Group turnover registered an 8% increase to $1,497.6 million as compared with $1,386.1 million for the corresponding period in 2008.
Group operating profit at $166.7 million was 50% higher than the same quarter in the previous year. Group pre-tax profit increased 11% to $178.9 million from $160.7 million in 2Q 2008 attributable to higher operating margins from rig building projects, offset mainly by the lower contribution from Cosco Shipyard Group.
For the half year, Group turnover at $2,861.1 million was 24% above the $2,302.2 million for the corresponding period in 2008. Group operating profit increased 58% to $301.3 million as compared with $190.9 million the previous year. At the pre-tax level, Group profit increased 20% to $330.1 million from $275.9 million in 1H 2008. The increase was due mainly to higher operating margins from rig building, offshore and ship conversion projects offset by the lower contribution from the Cosco Shipyard Group.
Group attributable profit for 1H 2009 at $258.3 million was 18% higher as compared with $219.6 million recorded in 1H 2008.