SINGAPORE: Sembcorp Industries saw a 10.2 per cent on-year rise in its fourth quarter net profit to S$251.9 million on strong contribution from its utilities business, a stock exchange filing said.

Net profit for the quarter in the Utilities division rose 62 per cent to S$88.2 million for the quarter, while the Marine business posted net profit of S$138.3 million - that's 5 per cent lower than S$145.8 million in the previous year.

Sembcorp says turnover for the quarter also rose 8.6 per cent to S$2.25 billion from S$2.07 billion in the same period last year.

For the full year, the group's net profit was up 2.1 per cent to S$809.3 million from S$792.9 million a year ago. This was driven by strong performance in Singapore, China and Middle East & Africa

Full-year turnover came in at S$9.05 billion, up 3.2 per cent from S$8.76 billion in the previous year.

" With the continuing crisis in Europe and weaker growth in developing countries, 2012 is expected to be a volatile year. Despite this uncertain global economic outlook, the Group, underpinned by resilient businesses and a healthy pipeline of projects, will continue to make every effort to position our businesses for sustained growth," Sembcorp said in a statement.

Sembcorp expects the Utilities business to maintain a steady performance this year despite a major maintenance in its cogeneration plant in Singapore. But it says its energy businesses in Singapore and the UK may be affected by the weaker macro-economic environment that may impact power and carbon prices.

Sembcorp has proposed a dividend of 17.0 cents per share for FY'2011, subject to shareholder approval.

- CNA/de