Sembcorp Marine net profit increased 2 % to $132 mln in 3Q 2014
Sembcorp Marine achieved a 2% year - on - year increase in net profit from $ 130 million to $ 132 million for the three months ended September 30th 2014 despite a challenging macro environment, the company said in its press release.
Group turnover for the third quarter of 2014 grew 3 % year - on - year to $ 1.71 billion , which compares with $ 1.66 billion for the corresponding period in 2013. The higher revenue came mainly from increased contribution from the Group’s rig building activities and from offshore platform projects. Gross profit for the three months grew 14% to $205 million from $180 million previously, EBITDA (earnings before interest, tax and depreciation) rose 3% to $ 200 million while operating profit increased 3% to $171 million.
For the nine months to September 2014 , Group net profit increased 3% to $386 million from $373 million with Group turnover rising 14% to $4.39 billion. Group gross profit increased 19% to $56 9 million, while EBITDA grew 5 % year - on - year to $ 558 million, while operating profit gre w 4% to $ 475 million. Turnover for the Rig building sector increased 23% year on year from $2,367 million to $2,905 million for the nine months to September.
The Group delivered six jack - up rigs for the nine month period , with another eleven in the work in progress or planning and engineering stage. Offshore and Conversion / Fixed Platform revenue declined 29 % from $ 283 million in 9M 2013 to $202 million in 9M 2014 , while Ship repair revenue was 10 % lower at $ 465 million in 9M 2014 compared with $ 518 million in the corresponding period in 2013 due to timing in recognition of repair projects.
