Sembcorp posts 1H2016 net profit at S$193.5 mln
Sembcorp Industries (Sembcorp) posted a net profit of S$193.5 million and a turnover of S$3.7 billion for the first half of 2016 (1H2016) compared to S$365.8 million and S$4.7 billion in 1H2015 respectively.
In 1H2016, the Utilities business contributed S$149.9 million in net profit to the Group compared to S$216.0 million in 1H2015. In 1H2015, the business recorded a gain of S$54.7 million from the divestment of its municipal water operations in the UK. The Marine business contributed a net profit of S$40.6 million compared to S$131.4 million in 1H2015 mainly due to lower contribution from rig building projects, higher finance costs and share of losses from associates. The Urban Development business recorded a net profit of S$7.4 million compared to S$13.0 million in 1H2015.
Group return on equity (annualised) was 6.1% and earnings per share amounted to 9.7 cents. Cash and cash equivalents stood at S$1.7 billion.
In the second quarter of 2016 (2Q2016), the Group posted a net profit of S$86.5 million and a turnover of S$1.8 billion compared to S$223.6 million and S$2.4 billion in 2Q2015 respectively.