Sembmarine H2 net loss widens to S$523.3m; expects better performance in FY22

SEMBCORP Marine (Sembmarine) reported on Friday (Feb 25) a net loss of S$523.3 million for its second half ended December 2021, widening from a S$390.4 million loss a year earlier, as challenges from the Covid-19 pandemic weighed on its operations.

But its chief executive, Wong Weng Sun, said during the results briefing the group expects its financial performance in FY2022 to be "significantly better" than FY2021, given factors such as an improved industry outlook, and that provisions for costs to complete projects in 2022 were already made in the prior year.

Wong said that Sembmarine encountered execution challenges associated with the pandemic during 2021, with shortages of skilled workers and supply chain constraints, which "resulted in significant cost overruns".