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Sembcorp Industries' Q4 profit more than doubles to S$147.5m

Singapore

THE turnaround in the profitability of its marine business and a better performance from the urban development division helped Sembcorp Industries more than double its net profit for the fourth quarter.

And while the proposed carbon tax in Singapore will be a financial burden, Sembcorp will be better positioned to recover the costs compared to competitors given its additional income from selling steam from its cogeneration plant, and its use of natural gas, a more energy-efficient fuel, said its CEO Tang Kin Fei.

The group's net profit for the three months ended Dec 31, 2016, rocketed to S$147.5 million, from S$60.8 million for the year-ago period, the group said on Thursday. Revenue dropped...

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