SembCorp Marine delivers strong 69% growth in profit for 1H 2006 with growth mainly from the rig building, ship repair and shipbuilding sectors
- Group turnover for 1H 2006 increased by 67.8% from $918.1 million in 1H 2005 to $1,540.3 million with growth attributable to rig building, ship repair and shipbuilding businesses. The lower ship conversion revenue is mainly due to the reduced level of activity on completion of the marine hull conversion of the turnkey FPSO P-54 project in April 2006
- Group operating profits increased by 78.6% from $56.1 million in 1H 2005 to $100.3 million in 1H 2006. Group pre-tax profits increased by 69.7% from $75.1 million in 1H 2005 to $127.5 million. The increase is mainly attributable to higher operating margins from rig building and ship repair business, gain on disposal of a subsidiary company (which was formed to own the first BMC 375 jack-up rig) as well as better contribution from associated companies and joint venture.
- Group attributable profits increased by 68.5% from $58.4 million in 1H 2005 to $98.4 million in 1H 2006. Excluding the non-operating items of $1.8 million, Group attributable profits increased by 65.4% to $96.6 million.
- EBITDA increased 66% to $120.8 million
- EPS increased 66% to 6.77 cents per share in 1H 2006
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