Sembcorp posts S$131m net loss in H1

Singapore

A BLEEDING marine segment on the back of an oil slump and substantial impairments of energy assets dragged Sembcorp Industries' (SCI) first half showing into the red, with a net loss of S$131 million against profit of S$191 million a year earlier.

SCI's marine segment sank deeper in the red, with a loss of S$117 million from S$6 million a year earlier over the six-month period ended June while exceptional items came up to a negative S$191 million, chiefly owing to impairments on energy assets, including a S$44 million write-off of gasoil inventory stored with Hin Leong Trading, a troubled firm that is facing a judicial management process.