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Sembcorp Marine 3Q Net Profit Falls 48% As Rig Builder's Revenue Falls
Sembcorp Marine Ltd. (S51.SG) Monday reported a 48.1% fall in its third quarter net profit as revenue fell due to lower recognition of rig building projects.
Net profit for the quarter ended Sept. 30 was 115.5 million Singapore dollars (US$94.3 million), compared with S$222.5 million in the same quarter of last year, Sembcorp Marine said in a statement to Singapore Exchange.
Revenue fell 31.5% to S$892.4 million from S$1.30 billion, it said.
Offshore exploration and production spending continues to remain buoyant with discoveries in frontier areas and around the primary deepwater basins of the U.S. Gulf of Mexico, Brazil, East and West Africa and Nigeria, it said. " Overall, enquiries continue to be healthy although competition remains keen and affects margin."
The company has secured contract orders worth a total of S$9.1 billion so far this year, taking its net order book to a record high of S$12.1 billion, with deliveries extending till 2019, according to the statement.
Write to Gaurav Raghuvanshi at [email protected]
Sembcorp Marine's Jurong Shipyard
Steve Marshall
The company’s quarterly net profit of $116 million was 48% down on the $223 milion earned in the same period of 2011 as revenue plunged 32% year on year to $892 million.
A 52% drop in rig-building turnover to $428 million acted as a major drag on the overall revenue figure, which was also hit by 13% lower shiprepair revenue of $153 million.
However, a lucrative conversion project on the Banyu Urip floating storage and offloading vessel helped to lift revenue from the offshore ship conversion division by 29% to $300 million, with six other projects also in various stages of construction and five units in the planning stage.
The weaker quarter also affected the nine-month result, with cumulative net profit down 29% at $371 million despite marginally higher revenue of $3.05 billion.
Sembcorp Marine now boasts a record order book of $12.1 billion, which has risen from $5.1 billion at the end of last year, with completion and deliveries extending to 2019.
However, it maintains a cautious outlook given “fragile and uncertain” prospects for the global economy while it faces keen competition for offshore fabrication contracts, despite buoyant exploration and production activity on the back of deep-water discoveries.
SembCorp slips in third
Sembcorp Marine Ltd. (S51.SG) Monday reported a 48.1% fall in its third quarter net profit as revenue fell due to lower recognition of rig building projects.
Net profit for the quarter ended Sept. 30 was 115.5 million Singapore dollars (US$94.3 million), compared with S$222.5 million in the same quarter of last year, Sembcorp Marine said in a statement to Singapore Exchange.
Revenue fell 31.5% to S$892.4 million from S$1.30 billion, it said.
Offshore exploration and production spending continues to remain buoyant with discoveries in frontier areas and around the primary deepwater basins of the U.S. Gulf of Mexico, Brazil, East and West Africa and Nigeria, it said. " Overall, enquiries continue to be healthy although competition remains keen and affects margin."
The company has secured contract orders worth a total of S$9.1 billion so far this year, taking its net order book to a record high of S$12.1 billion, with deliveries extending till 2019, according to the statement.
Write to Gaurav Raghuvanshi at [email protected]
Big drop for Sembcorp Marine
Sembcorp Marine's Jurong Shipyard
05 November 2012 10:42 GMT
The company’s quarterly net profit of $116 million was 48% down on the $223 milion earned in the same period of 2011 as revenue plunged 32% year on year to $892 million.
A 52% drop in rig-building turnover to $428 million acted as a major drag on the overall revenue figure, which was also hit by 13% lower shiprepair revenue of $153 million.
However, a lucrative conversion project on the Banyu Urip floating storage and offloading vessel helped to lift revenue from the offshore ship conversion division by 29% to $300 million, with six other projects also in various stages of construction and five units in the planning stage.
The weaker quarter also affected the nine-month result, with cumulative net profit down 29% at $371 million despite marginally higher revenue of $3.05 billion.
Sembcorp Marine now boasts a record order book of $12.1 billion, which has risen from $5.1 billion at the end of last year, with completion and deliveries extending to 2019.
However, it maintains a cautious outlook given “fragile and uncertain” prospects for the global economy while it faces keen competition for offshore fabrication contracts, despite buoyant exploration and production activity on the back of deep-water discoveries.
SembCorp slips in third
Trend Spotting| 25 October 2012
Technical Outlook
Although Sembcorp Marine (SembMar) has secured numerous contract from different companies, however, its price has not reflected the bullishness of such transactions on the stock itself. We can see that the prices are consolidating into a triangle. A break above the downtrend line with the resistance set at $5.05 may see prices rising to test its next resistance at $5.50. Support is detected around $4.76, which was its previous swing low. A break below this support at $4.76 may see price dropping towards its next support at $4.22.
Weekly Chart Of SembMar
[Trading Central] Sembcorp Marine: expect 4.37.
05 Nov 2012 10:44
Update on supports and resistances.
| Short Term View (Rise, Limited Rise, Consolidation, Limited Decline, Decline) |
Limited Decline |
|---|---|
| Change In Short Term View | None |
| Medium Term View (Bullish, Range, Bearish) |
Range |
| Change In Medium Term View | None |
Pivot: 5
Our preference: Short positions below 5 with targets @ 4.37 & 4.18 in extension.
Alternative scenario: Above 5 look for further upside with 5.15 & 5.38 as targets.
Comment: the RSI lacks upward momentum.
Key levels
5.38
5.15
5
4.69 last
4.37
4.18
4.02
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