Sembcorp Marine's profit predicted to soar 29% to $146m

Revenue will also surge 41%.

According to Maybank Kim Eng, Sembcorp Marine (SMM) will report 1Q13 results on 3 May 2013 after trading hours. Maybank Kim Eng estimates a 29% YoY rise in PATMI to SGD146m, on the back of 41% YoY increase in revenue to SGD1.33b. 

The report also said that the higher revenue expectation is based on the assumption that 2 semisub units would have achieved initial recognition milestone.

"Note that revenue recognition is dependent on the stage of job progress and is lumpy from quarter to quarter. SMM is our preferred rigbuilder with its direct exposure to the offshore sector and higher TP upside potentia," Maybank said.

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