November 6, 2007
- Group PATMI before EI increases 49% to $374.4 million
Sembcorp Industries (Sembcorp) continued to post strong earnings growth for the first nine months of 2007 (9M2007). The Group’s Profit After Tax and Minority Interest (PATMI) before Exceptional Items (EI) from its continuing operations showed an increase of 54% from the previous year, to $374.4 million. Turnover from its continuing operations was up 17% to $6.1 billion.
- Group PATMI before EI increases 49% to $374.4 million
Sembcorp Industries (Sembcorp) continued to post strong earnings growth for the first nine months of 2007 (9M2007). The Group’s Profit After Tax and Minority Interest (PATMI) before Exceptional Items (EI) from its continuing operations showed an increase of 54% from the previous year, to $374.4 million. Turnover from its continuing operations was up 17% to $6.1 billion.
Strong business fundamentals continue to drive Sembcorp’s growth, backed by positive operating performance from its Utilities and Marine & Offshore Engineering businesses. Utilities’ PATMI climbed 24% to $198.0 million, contributed mainly by its Singapore and UK operations. Meanwhile, Marine’s contribution to Group PATMI increased 81% to $149.5 million, due to robust growth from rig building, offshore & conversion and repair businesses. Net order book continues to stand at a strong $7.9 billion, with completion and deliveries till 2010. Contracts worth $5.1 billion have been secured to-date this year.
“Sembcorp’s business operations remain strong. Beyond this, we continue to strengthen our overseas beachheads through our UK biomass plant as well as through new projects in China. We also see new opportunities for growth in Singapore, with positive developments in the petrochemical sector bringing a wave of potential new downstream players onto Jurong Island,” commented Mr Tang Kin Fei, Group President & CEO.
Sembcorp’s FY2007 Outlook
The Group’s businesses remain sound and have continued to perform well. We expect 2007 PATMI contribution from Utilities, Enviro and Industrial Parks to be better than that of 2006 on a comparable basis, excluding net profits arising from exceptional items.
Marine’s contribution to the Group’s PATMI will depend on the outcome of the investigation and resolution with the banks on the foreign exchange exposure relating to the unauthorised foreign exchange transactions.
Highlights from Sembcorp’s 9M2007 Financial Results
- Strong earnings growth from continuing operations
- Turnover of $6.1bn, up 17%
- PATMI before EI of $374.4m, up 54% - Group PATMI before EI at $374.4m, up 49%
- Healthy balance sheet
- Net gearing at 0.05x
- Interest cover at 16 times - Return on Equity (annualised) at 17%
- Positive Economic Value Added at $294.9m
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