SembCorp Posts Small Profit Rise
SembCorp Marine Ltd. (SCM), Singapore's largest ship repairer, posted a small rise in its 2000 net profit, in line with market expectations. SCM, 63 percent owned by conglomerate SembCorp Industries Ltd. with a market value of about S$1.1 billion, said last year's net profit was S$80.16 million, up 2.3 percent from 1999. Its bottom line was boosted by a one time gain of S$6.5 million from the sale of shares in Jurong Technology Industrial Corp. early last year and a writeback of tax over provisions of S$4.7 million. Analysts have a consensus 2000 forecast of S$81.5 million, according to Multex Global Estimates. The forecasts ranged from a low of S$71.5 million to a high of S$86.8 million.
SembCorp Industries Looks To Become A Global Contender
Diversified SembCorp Industries Ltd., fresh from sales of key non-core assets, is hunting for foreign partners in its bid to become a global contender in its core businesses, President Wong Kok Siew said. Already Asia's largest shipyard operator, SembCorp is confident about meeting its internal target of not less than 20 percent growth in net profit per annum and has set its sights beyond Asia. "With the major divestments of non-core over, our game plan is simple -- to grow the group as we move forward," Wong, who is also the group's chief executive, said. The year-old entity of government-owned Singapore Technologies Industrial Corp and Sembawang Corp has made estimated proceeds of $340.5 million from its non-core asset sales so far this year.
