Home Capital Results

SembMarine sees net loss in 1HFY2022 narrow to $143 mil due to lower than breakeven activity volume

Felicia Tan
Felicia Tan8/12/2022 08:30 AM GMT+08  • 2 min read
SembMarine sees net loss in 1HFY2022 narrow to $143 mil due to lower than breakeven activity volume
In its outlook statement, SembMarine adds that it expects to make a loss in the FY2022 even if it anticipates operational and financial performance to continue to improve. Photo: SembMarine
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Sembcorp Marine (SembMarine) has posted a net loss of $143 million in the 1HFY2022 ended June, 78% narrower than the net loss of $647 million in the same period the year before.

The loss during the period was due to lower than breakeven activity volume as existing orders are completed and new orders secured in 1H2022 would start contributing to revenue mainly in subsequent periods.

Revenue increased by 29.7% y-o-y to $1.09 billion due to significantly higher revenue recognition from floater projects due to the settlement of final contract negotiation upon completion and contributions from new project. The increase was offset by lower repairs & upgrades business and lower revenue recognition from offshore platform projects which are nearer to completion.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.