Sembcorp Industries posts strong H2 earnings on higher energy prices
SEMBCORP Industries U96 : U96 0%has reported a net profit of S$233 million for the 6 months ended Dec 31, 2021, reversing its loss of S$866 million a year ago.
This comes as turnover from continuing operations increased by 59 per cent year-on-year to S$4.5 billion, from S$2.83 billion, the group said in its financial results on Wednesday (Feb 23).
The energy and urban development company attributed turnover growth to higher energy demand as economies recovered from the pandemic, as well as high fuel prices during the current period that led to increases in power prices, despite maintenance shutdowns in Singapore, Myanmar and India.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Wall Street bulls say stock rally can resume even without rate cuts
Yen tumbles to 34-year low; US dollar gains after inflation data
Fed repricing gives rise to new equities playbook in Asia
Dasin Retail Trust’s creditor to repossess director’s properties over loan default
Is Jurong Island’s carbon test bed too small and conservative? A*Star institute head thinks not
Tech rally propels emerging stocks to best week since July