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2Q 2013 VERSUS 2Q 2012
On a quarterly basis, Group turnover for 2Q 2013 at $1,124.2 million was 7.6% lower as compared with $1,217.0 million for the same period in 2012.
Group operating profit was 8.6% lower at $146.2 million while gross profit at $142.9 million was 27.1% lower as compared with 2Q 2012. Group pre-tax profit was 15.2% lower at $156.1 million as compared with $184.0 million for the same period in 2012 due to lower interest income and lower contribution from associates. In 2Q 2012, interest income was received for deferred payment granted to customers.
At net profit level, it was $124.9 million in 2Q 2013 as compared with $142.8 million in 2Q 2012, attributable mainly to the product mix and timing in recognition of the rig building and ship conversion/offshore projects.
INTERIM DIVIDEND
The Board of Directors of Sembcorp Marine is recommending a one-tier taxexempt interim dividend of 5.00 cents per share, the same amount as paid in 1H 2012. In terms of payout ratio, it is 43% as compared with 41% in 1H 2012.
The one-tier tax-exempt interim dividend will be paid on 29 August 2013.
OUTLOOK
The Group has secured contract orders worth a total of $3.5 billion (excluding repairs) since the start of the year, growing the Group’s net order book from $12.7 billion as at end 2012 to $14.4 billion, with completion and deliveries extending till 2019.
Fundamentals for the offshore and marine industry remain stable underpinned by high oil prices and projected increases in offshore exploration and production (E&P) spending. Demand for rigs is expected to remain strong, however, competition from the Chinese and Korean yards will impact margin.
Despite the challenging shipping market environment, there is continued demand for repairs in the niche segments of LNG carrier repairs, life extension work and upgrading of offshore vessels and cruise ships
Moving ahead, the Group remains committed to building its capabilities and strengthening its position in the key business segments of repair, conversion & offshore and rig building amid the competitive environment while maintaining its focus on operational efficiency, productivity improvements, safety management and the timely deliveries of projects to the Group’s valued customers.
Integrated New Yard @ Tuas
Sembcorp Marine’s Integrated New Yard Phase I Facility, which spans 73.3 hectares, is on track for commercial operations with the first ship scheduled for docking in August 2013. Equipped with 4 VLCC drydocks and more than 3.9 kilometres of berthing quays, the new yard will be capable of undertaking FPSO conversions as well as servicing a wide range of vessels, including VLCCs, new generations of mega containerships, LNG carriers, passenger ships, offshore vessels and fixed platforms.
Estaleiro Jurong Acracruz, Brazil
Construction of Estaleiro Jurong Aracruz (EJA), Sembcorp Marine’s 82.5-hectare integrated new yard facility in Brazil is progressing on schedule. EJA is expected to commence operations in 1Q 2014.
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16-Jul 2013 Tuesday
5:37 PM (3940 days ago)
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