Sembcorp Marine Reports Solid 2008 Financial Results

Sembcorp Marine has reported a strong FY 2008 PATMI of $430 million, after a one-off charge of $44 million arising from commercial settlement of foreign exchange (FX) transactions in 4Q 2008. This was 78% higher as compared with FY 2007’s PATMI of $241 million.

Excluding the one-off charge of $44 million, PATMI for FY 2008 was $474 million, 31% higher than FY 2007. PATMI for FY 2007, excluding FX transactions and nonoperating items stood at $362 million.

Group operating profit at $501.8 million was 44% higher than FY 2007’s $349.0 million.

Group pre-tax profit increased 49% from $364.7 million in FY 2007 to $545.0 million in FY 2008. The increase was attributable to the higher revenue and operating margin from rig building and ship repair businesses, offset by the lower contributions from Cosco Shipyard Group.

Revenue in FY 2008 was $5,064 million, a 12% increase as compared to $4,513 million in FY 2007. The increase was attributable to rig building, ship conversion/offshore and ship repair businesses.