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Seatrium’s profit warning has a silver lining

Investors should be wary of a business that Sembcorp and Keppel both wanted to exit; much depends on whether Seatrium delivers a consistently healthy level of earnings

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Ben Paul

Ben Paul

Published Mon, Feb 5, 2024 · 05:00 AM
    • Minority investors who have supported Seatrium's rights issues and merger with KOM may feel that the company is now adding insult to injury by writing down the value of some of its assets.
    • Minority investors who have supported Seatrium's rights issues and merger with KOM may feel that the company is now adding insult to injury by writing down the value of some of its assets. PHOTO: BT FILE

    PROFIT warnings are never good news for investors. Yet, there is a positive aspect to Seatrium’s announcement last week that it will report a significantly higher loss for 2023 than the previous year.

    In the first place, the loss that Seatrium reported for 2022 was not all that high at S$261.1 million. Seatrium reported a much higher loss of S$1.17 billion for 2021.

    It was also not unexpected that Seatrium would suffer a larger loss in 2023. The company reported a net loss for H1 2023 of S$264.4 million, which was already slightly higher than the full-year 2022 loss.

    BT CorrespondentsseatriumKeppelsembcorp industriesM&AOffshore & MarineFinancial results

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