Singapore: Sembcorp Marine delivered another quarter of growth figures with an increase of 23.8 percent in net profit to US$107.7 million from US$87 million in the first quarter of 2009.
Turnover was comparable at US$983.9 million as compared with US$986.8 million for the corresponding period in 2009. Operating profit, at US$115.5 million was 18.6 percent higher than the same quarter in the previous year. Group pre-tax profit increased 22.2 percent to US$133.8 million from US$109.5 million in the first quarter of 2009.
The group currently has a net order book of US$3.62 billion with completion and deliveries stretching till December 2012.
The outlook for global oil demand continues to improve. Oil prices have fluctuated within the range of mid-US$70 to mid-US$80 a barrel. The long-term fundamentals driving deepwater exploration and production activities are expected to continue to boost production reserves to meet growing energy demand.
While the current oil spill in the Gulf of Mexico may affect offshore drilling in that region, Sembcorp said that it is too early to assess the incident's overall effect on the drilling rig market.
"Our initial appraisal of the situation gives us no major cause for immediate concern," the company said in a statement. "The 2009 financial year was an exceptional year in terms of profit. The group expects to achieve satisfactory results for the 2010 financial year."
{WISroYQ symbol='S51.SI'}
