Sembcorp Industries (Sembcorp) posted a net profit of S$488.1 million and a turnover of S$7.1 billion in the first nine months of 2015 (9M2015) compared to S$560.5 million and S$8.2 billion in 9M2014 respectively, the company said in its press release.
In 9M2015, the Utilities business delivered a 3% growth in net profit to S$306.2 million compared to S$298.6 million in 9M2014, underpinned by profit growth from its overseas operations as well as gains from the divestment of its municipal water operations in Bournemouth, UK and Zhumadian, China. Meanwhile, the Marine business contributed a net profit of S$151.0 million compared to S$234.1 million in 9M2014 due to lower contributions from rig building projects, associate losses and impairment. The Urban Development business posted a net profit of S$17.6 million compared to S$29.3 million in 9M2014.
Return on equity (annualised) for the Group was 11.1% and earnings per share amounted to 26.3 cents. Cash and cash equivalents stood at S$1.6 billion.
In the third quarter of 2015 (3Q2015), the Group posted a net profit of S$122.3 million and a turnover of S$2.4 billion compared to S$196.6 million and S$3.1 billion in 3Q2014 respectively. In the quarter, the Utilities business signed an agreement to divest its Australian waste management joint venture. A net gain of approximately S$350 million resulting from the sale is expected to be recognised in 4Q2015 upon completion of the divestment.