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Sembcorp Marine sees 2HFY2021 loss deepen by 34.1% to $523.3 mil

Felicia Tan
Felicia Tan2/25/2022 6:28 PM GMT+08  • 3 min read
Sembcorp Marine sees 2HFY2021 loss deepen by 34.1% to $523.3 mil
SembMarine says it expects its FY2022 performance to be "significantly better" compared to that of its FY2021 results.
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Sembcorp Marine (SembMarine) has reported a deeper net loss of $523.3 million for the 2HFY2021 ended December, 34.1% higher than the net loss of $390.4 million.

This brings FY2021’s loss wider to $1.17 billion from the loss of $582.5 million in the FY2020. This was mainly due to the push-out of delivery for its ongoing projects, with significantly higher provisions for manpower and other costs to complete most of the projects during the year and over the next six to nine months. The total net loss took into account cost provisions of $839 million.

Excluding the provisions, FY2021 would’ve seen a net loss of $332 million, an improve of 24% compared to FY2020’s net loss of $439 million.

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