Sembcorp's Q4 beats forecast

SINGAPORE conglomerate Sembcorp Industries (SCI) posted a better-than-expected 9.3 per cent year-on-year increase in fourth-quarter net profit to $223.8 million, on robust growth at both its utilities and marine engineering divisions.

For the full year ended Dec 31, 2013 (FY13), group net profit was up 8.9 per cent at $820.4 million, well ahead of market consensus estimates, with utilities and marine accounting for 51 per cent and 39 per cent of net profit respectively.

SCI, which owns and operates the largest co-generation power plant and most comprehensive integrated utilities facilities at Singapore's Jurong Island, also holds a 60 per cent stake in listed marine engineering group Sembcorp Marine.