Troubled waters: Sembcorp Marine profit down 25% to $223m

It's a dive from the almost $300m profit for the third quarter of 2010.

The decline was mainly due to the fact that most of its new projects are still in the planning stage and therefore have yet to generate revenue.

Sembcorp Marine reported:

Group turnover at $1,302 million was 17% higher as compared with $1,115 million in 2010 due to resumption of revenue recognition of Songa Eclipse as well as higher contributions from the ship conversion/offshore projects.

Group operating profit at $211 million was 25% lower as compared with $283 million in 3Q 2010 due mainly to margin recognition on lesser number of jackup and semi-submersible rig projects, as nine of the thirteen new jack-up rigs secured since the fourth quarter of last year are still in the planning stage.

At pre-tax level, Group profit at $275 million was 22% lower as compared with $355 million for the corresponding period in 2010. Group net profit, excluding non-operating items at $223 million was 9% lower than $243 million for the corresponding period in 2010.

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