SembCorp To Post Modest Gains

Friday, February 09, 2001
SembCorp Marine, Singapore's largest ship repairer, is expected to post a modest rise in 2000 earnings, boosted mainly by gains from divestment of a small technology company.

SembCorp Marine, a unit of government-linked SembCorp Industries with a market value of about S$1.1 billion ($630 million), is due to report its earnings on Tuesday.

Analysts said they expected SembCorp Marine to fare much better than its smaller rival Keppel Hitachi, which reported a 50 percent slide in 2000 earnings due to a weak ship repair market.

"SembCorp Marine has a lot more long-term contracts with customers like NOL (Neptune Orient Lines), so that has helped them," said an analyst at Kim Eng Securities.

The analyst is forecasting a four percent rise in net profit to S$82.1 million from S$79 million in 1999.

Analysts have a consensus 2000 forecast of S$81.5 million, according to Multex Global Estimates. The forecasts range from a low of S$71.5 million to a high of S$86.8 million.

The analyst continued that SembCorp Marine's net profit included an investment gain of S$6.1 million which it recorded in its interim results from the sale of shares in Jurong Technology Industrial Corp early last year.

Without the gain from Jurong Tech, group profit would have declined five percent, he said. Analysts, who mostly have a buy on SembCorp Marine due to the cheap valuation of its stock trading at 14 times earnings, expect the outlook for ship repair to pick up this year.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

DSC Dredge Receives President’s E-Star Award

DSC Dredge, LLC, based in Reserve, La., has received the 2016 President’s “E-Star” Award for exports.   In a ceremony held on May 16, 2016, at the U.S. Department

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Finance

Defense Appropriations Bill Includes $1 Bln for US Icebreaker

The U.S. Senate Appropriations Committee’s FY2017 Defense Appropriations Bill has included $1 billion in funding to accelerate construction of a new polar icebreaker for the U.

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Port Authority Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1022 sec (10 req/sec)