Sembcorp Industries (U96.SG) is likely to report a 36% on-year fall in 4Q net profit to $165.7 million as a cyclical downturn in the rig building industry hurt its 61%-owned unit Sembcorp Marine, according to nine analysts polled by Dow Jones. 

Revenue is forecast to remain flat on-year at $2.42 billion. But the outlook for the conglomerate is bright with both its marine and utilities units likely to gain from new contracts over the next six months,analysts say. 

 

“We expect 9%-10% annual earnings growth for utilities, driven by asset additions, and a strong 28% earnings rebound for Sembcorp Marine in 2012, driven by a renewed rig building cycle,” IIFL Institutional Equities says in a report. Sembcorp Industries is due to report 4Q earnings on Feb. 25.