Sembcorp Marine Profit Surges

23 February 2010 (Last Updated February 23rd, 2010 18:30)

Sembcorp Marine has reported a 72% increase in 2009 operating profit of $862.4m compared to the corresponding period in 2008. The Singaporean marine service provider's profit after tax has also increased by 63% to $700.1m, the company said. The group's turnover rose by 13% or

Sembcorp Marine has reported a 72% increase in 2009 operating profit of $862.4m compared to the corresponding period in 2008.

The Singaporean marine service provider’s profit after tax has also increased by 63% to $700.1m, the company said.

The group’s turnover rose by 13% or $660.8m to $5,724.7m with the rig building sector registering an increase of 28%, Sembcorp said.

At pre-tax profit level, the group’s earnings increased 67% to $907.6m from $545m in 2008 due to higher operating margins from rig building projects.

In Q4 2009 the company reported a 328% rise in profit after tax of $297.2m compared to $69.4m in the same period a year earlier.