Strong growth across all business segments for 9M 2005
SembCorp Marine today reported net profit of $32.7 million for the third quarter (3Q 2005), taking net profits for the nine months (9M) 2005 to $91.1 million, up 31.1% over the same period last year.
Group turnover for 3Q 2005 increased from $390.0 million to $451.2 million with 9M 2005 revenue at $1,369.3 million, up 41.8% over the same period last year. The increase is mainly attributable to growth across all business segments.
Group operating profits increased by 21.9% from $75.0 million for 9M 2004 to $91.4 million for the same period in 2005. Group pre-tax profits increased by 38.3% from $84.6 million for 9M 2004 to $117.0 million for 9M 2005. The increase is mainly attributable to better operating profit as well as contribution from the associated company acquired during the year.
Group tax charge for 9M 2005 is higher than 9M 2004 mainly due to a $4.0 million net write-back of prior years’ tax over-provision, arising from a 2% reduction in corporate income tax rate in 9M 2004. Excluding this tax write-back last year, Group attributable profits actually increased 39.0% from $65.6 million in 9M 2004 to $91.1 million.
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