Sembcorp Marine posts net profit of $32 mln for 3Q of 2015
Sembcorp Marine posted a 17% year-on-year decline in group revenue from $4.4 billion to $3.6 billion for the nine months to September 2015 due to lower revenue recognition for rig building projects and ship repair, the company said in its press release.
For the nine months to September 2015, Gross Profit declined 19% year-on-year from $569 million to $459 million, while EBITDA was down 19% from $558 million to $454 million, mainly due to lower contributions from rig building projects and repair business. Contributions from offshore platform projects were higher.
The Group also recorded $23 million in losses from its share of results from associates and joint ventures for the nine month period (profit of $17 million previously). A further $17 million one-off, non-operating impairment related to available-for-sale financial assets was made in 3Q 2015, which also impacted the 9M 2015 period.
Group Net profit of $247 million for the nine months ended September 2015 was 36% lower than the $386 million earned in the previous corresponding period. The lower net profit was due to lower contributions from rig building projects, associate losses and impairment. However, contributions from the offshore platform projects were higher. Excluding the non-operating impairment, 9M 2015 net profit would have been $264 million.
Turnover for Rigs & Floaters was $2.5 billion for the nine months to September 2015, a 21% decline from the $3.1 billion booked in the previous corresponding period. The Group delivered three rigs in the nine months, compared with six rigs in the previous corresponding period.
Offshore Platforms revenue decreased 4% year on year from $755 million to $722 million. Despite an increase in the number of ships repaired, Repairs & Upgrades revenue declined 15% year on year from $465 million to $397 million due to lower average revenue per vessel.