Sembcorp Marine Delivers Double Digit Growth in First Quarter
Sembcorp Marine today reported a 32% growth in PATMI from $91.3 million in 1Q 2008 to $120.2 million in 1Q 2009. Group turnover for the first quarter of 2009 registered a 49% increase to $1.4 billion as compared with $916.1 million for the corresponding period in 2008. The increase came mainly from higher ship conversion & offshore and rig building activities.
Group operating profit increased by 69% from $79.5 million in 1Q 2008 to $134.6 million in 1Q 2009. At pre-tax level, Group profit at $151.3 million was 31% higher than the $115.1 million achieved in the first quarter of last year. The increased contribution came mainly from the higher operating margins from rig building and ship repair businesses and offset by the lower contribution from Cosco Shipyard Group Co. Ltd.
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