Sembcorp Industries’ net profit down 2.4% to $801.1m in FY14

Due to one-off impairments.

Sembcorp Industries reported that its net profit slipped 2.4% to $801.1m in FY14 due to a number of one-off items.

These significant items included a $43.5m gain from the initial public offering of Salalah Power and Water Company, which was offset by an impairment made for utilities operations in the UK as well as a fair value loss recorded following the reclassification of Gallant Venture as an available-for-sale financial asset.

Excluding these one-off items, Sembcorp’s net profit increased 3% on-year.

The utilities business continued to be the group’s main profit contributor. It raked in $408 million in 2014, representing 51% of the group’s net profit.

Its marine business was the second largest contributor with $340m, representing 42% of the group’s net profit.