SembMarine back in the black with S$34.29m Q4 profit (Amended)

Singapore

SINGAPORE-LISTED yard group Sembcorp Marine is back in the black for the fourth quarter with a net profit of S$34.29 million, a reversal from a net loss of S$536.88 million, mainly on the absence of impairment and provisions for its rig building projects.

Earnings per share was 1.64 Singapore cents compared to a loss per share of 25.70 Singapore cents.

Turnover was down by 37.5 per cent at S$829.90 million mainly on a 42 per cent decline in revenue recognition for rigs and floaters contracts.

Offsetting the lower turnover is a 52 per cent reduction in cost of sales, translating to a gross profit of S$34.72 million compared to a gross loss of S$327.96 million.

Cost of sales more than halved to S$795.18 million in absence of an S$85.47 million writedown on inventories and work-in-progress as well as S$277.96 million in provision for foreseeable losses on rig-…