DolphinJuly-Aug 2012_LR.pdf - Jurong Shipyard Pte Ltd

SCM : news
Second Quarter 2012 Net Profit at $143 Million
Sembcorp Marine reported a net profit of $143 million in the second quarter of 2012, 5% lower from a year ago,
due mainly to the timing in recognition of projects, the number of projects that achieved initial recognition as
well as the value and design of the rig building projects.
Turnover at $1,217 million in 2Q 2012 was 46% higher as
compared to $831 million in 2Q 2011 due to the progressive
recognition of projects. In particular, turnover from the rig building
sector rose 66% from $400 million in 2Q 2011 to $664 million.
The ship conversion and offshore segment turned in $364 million
in revenue, 41% more year on year from $259 million. Turnover
for the ship repair sector in 2Q 2012 at $179 million was 9%
higher as compared with the corresponding period in 2011.
Sharing insights with stakeholders at the event.
Analyst and media briefing in progress.
Group operating profit at $160 million in 2Q 2012 was 1% higher
as compared with $159 million in 2Q 2011. At pre-tax level,
Group profit increased 2% from $181 million to $184 million in
2Q 2012. The Board of Directors has proposed a one-tier tax
exempt interim dividend of five cents per share to be paid on 31
August 2012. This represents a payout ratio of 41% in 1H 2012
as compared with 35% in 1H 2011.
Outlook Highlights
• Net order book of $6.6 billion with
completion and deliveries till 2Q
2015
• Fundamentals for offshore oil and
gas activities remain intact with
demand for technically advanced,
versatile and efficient rigs in shallow
and deepwater drilling segment
• Continued growth expected for
deepwater rigs given tight supply
• Strong demand expected for floating
platforms and FPSOs as more
discoveries move into development
phase
• Continued demand for repair and
upgrading from LNG carriers, cruise
ships and offshore vessels
Financial Highlights
Description
($’m)
Year
2Q 2012 2Q 2011
%
Change 1H 2012 1H 2011 %
Change
Turnover 1,217 831 46 2,160 1,660 30
Gross Profit 196 197 (1) 353 392 (10)
EBITDA 181 179 1 322 366 (12)
Operating Profit 160 159 1 280 325 (14)
Pre-tax Profit 184 181 2 328 361 (9)
Net Profit 143 150 (5) 256 300 (15)
EPS, basic (cents) 6.84 7.20 (5) 12.27 14.45 (15)
NAV (cents) 108.56 105.57 3
Turnover by Sectors
Turnover ($’m) 2Q 2012 2Q 2011
%
Change 1H 2012 1H 2011 %
Change
Ship Repair 179 165 9 322 310 4
Rig Building 664 400 66 1,058 718 47
Ship Conversion/Offshore 364 259 41 765 615 24
Others 10 8 13 15 17 (13)
Total 1,217 831 46 2,160 1,660 30
Jul-Aug 2012
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