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Tuesday, November 6, 2012

SembMarine posts 48% fall in Q3 net profit to $116m


Sembcorp Marine posted a 48% fall in third-quarter net profit to $116 million due to lower operating profit from rig building projects.

Group revenue fell 32% to $892 million compared to the same quarter last year.
Turnover for rig building fell 52%, while turnover for its ship repair division fell 13%. Meanwhile, ship conversion and offshore sector saw a 29% increase in revenue.

Looking forward, Sembcorp Marine said that competition remains keen which will affect margins.

Nonetheless, the group continues to see “continued demand for repair and life extension work for LNG carriers as well as repair and upgrading work for cruise ships and offshore vessels”.

The group has also secured contract orders worth $9.1 billion since the start of the year, growing its net order book to a record high of $12.1 billion.

These orders involve deliveries extending until 2019.

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