Sembmarine H2 loss widens to S$390.4m on lower turnover, impairments

SEMBCORP Marine (Sembmarine) saw its net loss for the second half widen to S$390.4 million, from S$130.3 million a year ago.

Excluding impairments and provisions, net loss for the six months ended Dec 31, 2020 would have been S$246 million, the marine and offshore engineering group said in a bourse filing on Tuesday.

Sembmarine's turnover tumbled 54.9 per cent to S$604.1 million, from S$1.34 billion a year ago, mainly due to lower revenue recognition from rigs and floaters, repairs and upgrades and specialised shipbuilding projects. This was mitigated by higher revenue recognition from offshore platforms.

Loss per share (LPS) stood at 4.6 Singapore cents for the half year, from 5.99 cents a year ago.

For the full year ended Dec 31, 2020, net loss widened to S$582.5 million, from S$137.2 million a year ago. Turnover was down 47.6 per cent to S$1.51 billion, while LPS stood at 10.88 cents.

No dividend was recommended for the full year, unchanged from a year ago.

Shares of mainboard-listed Sembmarine closed flat at 15.2 Singapore cents on Monday.

vtay@sph.com.sg