01 Aug 2003

SembCorp Marine posts a 3.4 per cent increase in the Group’s Attributable Profits before exceptional items to $40 million

The Group’s turnover for first half ended 30 June 2003 declined marginally by 0.4% to $489.8 million. The decrease was mainly attributable to the decline in ship repair revenue of $71.6 million due to the postponement of vessel repairs as a result of the high freight rates and SARS outbreak. However, this was offset by an increase in both conversion and new building job volume.

1H 2003
S$’m
1H 2002
S$’m
+/(-)
S$’m
+/(-)
%
Ship Repair159.4231.0(71.6)(31.0)
Conversion153.6123.729.924.2
New Building145.397.847.548.6
Other Activities31.539.5(8.0)(20.3)
Group Turnover489.8492.0(2.2)(0.4)

 

The Group achieved a 5.4% increase in operating profit from $38.7 million in 1H 2002 to $40.7 million in 1H 2003. Excluding exceptional items, the Group’s pretaxprofit increased 11.7% from $45.3 million in 1H 2002 to $50.6 million. The increase was attributed to higher operating profit and better net contributions from associated companies

FINANCIAL HIGHLIGHTS
1H 2003
S$’m
IH 2002
S$’m
+/(-)
S$’m
+/(-)
%
Turnover489.8492.0(2.2)(0.4)
Operating profit40.738.72.05.4
Operating margin (%)8.3%7.9%0.4%5.1
Profit before tax, EI & Minority Interest (MI)50.645.35.311.7
Extraordinary items (EI)0.314.5(14.2)(97.9)
Profit before tax and MI after EI50.959.8

(8.9)

(14.9)
PATMI before EI39.838.51.33.4
PATMI after EI40.153.0(12.9)(24.3)

 

The Group’s attributable profits decreased by 24.3% from $53.0 million in 1H 2002 to $40.1 million. The decrease was mainly due to the lower exceptional gain of $0.3 million in 1H 2003 as compared with $14.5 million in 1H 2002.

Excluding exceptional items and the effect of prior years tax over-provision, the Group’s attributable profits increased by 16.3% from $33.6 million in 1H 2002 to $39.1 million.

Earnings per share for 1H 2003 including exceptional items is 2.82 cents, a decrease of 24.8 per cent as compared to 3.75 cents in 1H 2002.

Earnings per share for 1H 2003 excluding exceptional items is 2.80 cents, an increase of 2.9 per cent as compared to 2.72 cents in 1H 2002.

Net assets per share is 64.2 cents as at 30 June 2003.

For media & analysts enquiries, please contact the following:

Judy Han (Ms)
Vice President
Investor Relations & Communications
Tel No : (65) 6262 7203
Fax No : (65) 6261 0738
Email : judy@sembcorpmarine.com.sg

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