1H 2005 Results – Another Record
SembCorp Marine today reported a record net profit for the first half of 2005 at $58.4 million, up 21.6% over the same period last year. Net profit excluding the effect of tax write-back in 2004, registered a 33.6% growth as compared with $43.7 million in 1H 2004.
Group turnover for 1H 2005 increased by 59.4% from $575.8 million in 1H 2004 to $918.1 million. The increase is mainly attributable to the growth in both conversion and rig building and shipbuilding activities.
Group operating profit increased by 28.8% from $43.6 million in 1H 2004 to $56.1 million in 1H 2005. Group pre-tax profit increased by 37.7% from $54.5 million in 1H 2004 to $75.1 million. The increase is mainly attributable to better operating profit as well as contribution from the newly acquired associated company.
Group attributable profit increased by 21.6% from $48.0 million in 1H 2004 to $58.4 million.
Group tax charge in 1H 2005 is significantly higher than 1H 2004 mainly due to a $4.3 million write-back of prior yearís over-provision arising from a 2% reduction in corporate income tax rate in 1H 2004. Excluding this tax write-back last year, Group attributable profit actually increased 33.6% from $43.7 million in 1H 2004 to $58.4 million.
Record Interim Dividend for 2005 at 2.5 cents per share
In view of the companyís record performance, the Board of Directors is recommending an interim dividend of 2.5 cents per share (2004: interim gross dividend payment of 1.5 cents per share). This is 67% increase over the 2004 interim dividend payout.
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