28 Apr 2003

SembCorp Marine posts a 22.7 per cent increase in the Group’s Attributable Profits before exceptional items to $18.5 million

The Group’s turnover for first quarter ended 31 March 2003 declined by 3.3% from $202.1 million in 1Q 2002 to $195.4 million. The decline was due mainly to a decline in ship repair revenue from $118.5 million in 1Q 2002 to $78.8 million in 1Q 2003. The stronger tanker freight rates since the fourth quarter of 2002 have caused the deferment of the docking of tankers. However, this decline in ship repair revenue was offset by an increase in both new building, as well as ship conversion jobs volume of $18.4 million and $81.0 million respectively as compared with $14.7 million and $54.5 million in 1Q 2002.

The Group achieved a 2.1 per cent increase in operating profit from $17.4 million in 1Q 2002 to $17.8 million in 1Q 2003. Excluding exceptional items, the Group’s pre-tax profit increased 16.3 per cent from $20.4 million in 1Q 2002 to $23.7 million. The increase was attributed to higher operating profit and better net contributions from associated companies.

FINANCIAL HIGHLIGHTS
($ million)
IQ
2003
(3 mths)
IQ
2002
(3 mths)
Changes
Per Cent
Turnover195.4202.1-3.3%
Operating profit17.817.42.3%
Operating margin9.1%8.6%5.8%
Profit before tax, EI and Minority Interest
Extraordinary items (EI)
014.3nm
Profit before tax and Minority Interest after EI23.734.7-31.7%
PATMI including EI18.529.4-37.1%
PATMI excluding EI18.515.122.7%
nm: not meaningful

 

There was no exceptional gain in 1Q 2003 as compared to a net exceptional gain of $14.3 million in 1Q 2002.

The Group’s attributable profits declined by 37.1 per cent to $18.5 million in 1Q 2003 as compared with $ 29.4 million in 1Q 2002. Excluding exceptional items, the Group’s attributable profits registered an increase of 22.7 per cent at $18.5 million as compared with $15.1 million in 1Q 2002.

Earnings per share for 1Q 2003 including extraordinary items is at 1.3 cents, a decrease of 37.5 per cent as compared to 2.08 cents in 1Q 2002.

Earnings per share for 1Q 2003 excluding extraordinary items is at 1.3 cents, an increase of 21.5 per cent compared to 1.07 cents in 1Q 2002.

Net assets per share increased marginally to 67.8 cents as at end of March 2003 as compared to 66.5 cents as at end December 2002.

Subject to the SARS situation in Singapore and barring unforeseen circumstances, the Group expects to maintain its performance for the full year of 2003.

Ms Judy Han
Vice President
Investor Relations & Communications
Tel : 65 6262 7203
Fax : 65 6261 0738
E-mail : judy@jspl.com.sg

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