Sembcorp Marine posts1H 2013 net profit of $243.6 million
Sembcorp Marine achieved a 1H 2013 net profit of $243.6 million, 4.8% lower as compared with $255.9 million earned in the first half of 2012. This was due mainly to the timing in recognition of projects, the number of projects that achieved initial recognition as well as the value and the design of rig building projects, said in the company's press release.
For 1H 2013, Group operating profit at $289.6 million was 3.4% higher as compared with $280.0 million in 1H 2012. At pre-tax level, Group profit at $305.1 million was 6.8% lower as compared with $327.5 million for the same period in 2012.
Group turnover in 1H 2013 was $2,174.4 million. This was marginally higher as compared with $2,159.6 million in 1H 2012 attributable to higher progressive recognition of rig building projects in the first half of 2013, offset by lower contributions from the conversion and offshore sector in 1H 2013.
Turnover from the rig building sector in 1H 2013 at $1,225.6 million was 15.9% higher as compared with $1,057.7 million for the corresponding period in 2012. One unit of accommodation semi-submersible rig achieved initial recognition in 1H 2013 as compared with three jack-up rigs (two jack-ups and one harsh environment jack-up) for the corresponding period in 2012.
The conversion and offshore sector registered a decline of 19.1% in turnover at $619.2 million in 1H 2013 with one unit of semi-submersible rig conversion project and LNG modules fabrication achieving initial recognition as compared with $765.1 million for the same period in 2012.
The turnover for the repair sector in 1H 2013 at $314.0 million was 2.4%lower as compared with the corresponding period in 2012 due to timing in recognition of repair projects.
