Sembcorp Industries reported a 65% growth in net profit for the third quarter of 2010 (3Q2010). In 3Q2010, group net profit was $244.1 million compared to $148.1 million, while turnover was $2.2 billion compared to $2.6 billion in 3Q2009.

The group’s share of Marine’s net profit for the quarter included an exceptional item comprising $32.1 million from Marine’s full and final amicable settlement of disputed foreign exchange transactions. Excluding this exceptional item, group net profit rose 43% from $148.1 million to $212.0 million.

For the first nine months of 2010 (9M2010), group net profit grew 33% from $423.7 million to $564.2 million, while turnover was $6.7 billion compared to $7.2 billion in 9M2009. Excluding the exceptional item, group net profit was $532.1 million, up 26% from 9M2009. In 9M2010, Marine’s contribution to group net profit grew 40% from $247.9 million to $347.0 million, while Utilities’ net profit increased 10% from $160.4 million to $176.9 million. Return on equity for the group was a strong 21.1%.

Tang Kin Fei, Group President & CEO of Sembcorp Industries, says: “Sembcorp’s strong performance this quarter attests to the solid fundamentals of our businesses. Our focus continues to be on positioning Sembcorp for sustainable growth. Milestones achieved during the quarter included our acquisition of Cascal as well as the expansion of our multi-utilities business and the planned development of our second cogeneration plant on Jurong Island. Our Marine business also secured new orders that have brought its total orderbook to $4.7 billion.”

Sembcorp adds the performance of its Utilities operations in FY2010 is expected to remain steady excluding one-off items.

Its Marine business has a current net orderbook of $4.7 billion inclusive of $2.3 billion in contract orders secured to-date. Competition for new orders, however, remains very keen.

The group expects to achieve satisfactory results for FY2010.