A BLEEDING marine segment, as well as substantial impairments of investments and assets dragged Sembcorp Industries’ (SCI) first half showing into the red, further strengthening the case for the proposed demerger of the conglomerate and Sembcorp Marine, its top executives have said. Read more at The Business Times.
Another chief culprit for the poorer showing was exceptional items that totalled a negative S$191 million. This included impairments on energy assets, including a S$44 million write-off of gasoil inventory stored with Hin Leong Trading, a troubled firm that is facing a judicial management process.
Turnover for the six-month period to June came in at S$3.5 billion - 27 per cent lower from a year ago led by a 19 per cent dip in the energy segment turnover to S$2.5 billion, owing to falling energy demand and prices as economic activity slowed amid lockdowns as a result of the Covid-19 pandemic. SCI said that in the second quarter, energy demand in Singapore, India and the UK fell by some 5-20 per cent from the year before, and hence, it expects the underlying performance of this segment in 2020 to be markedly lower than 2019.
SCI’s urban business, one of the group’s two key pillars post-demerger, saw its net profit more than double to S$38 million, led by strong land sales at Sino-Singapore Nanjing Eco Hi-tech Island, China and Kendal Industrial Park, Indonesia.
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