Sembcorp Industries has announced a weak set of results for FY2020 ended Dec 31, following the divestment of its former subsidiary Sembcorp Marine (Sembmarine).

The conglomerate swung into a net loss of $997 million during the year from earnings of $247 million in FY2019.

Sembcorp says the weak bottom line was mainly due to a non-cash, non-recurring fair value loss of $970 million recorded.

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