Sembcorp Industries has just release its first quarter set of results for FY14. The highlights were:
- Turnover at $2.6 billion, up 12%
- Profit from Operations at $300.9 million, down 4%
- Net Profit at $184.8 million, up 5%
- EPS at 10.3 cents
- ROE (annualised) at 13.5%
My thoughts
Following my post back in Feb, we would have expected a much improved results for the first quarter. It appears that following the de-consolidation of Salalah, revenue and gross profit for the utilities sector was expectedly going to be affected. Nevertheless, the sector still managed to turn in some growth in its net profits, up 3% from the previous year.
As expected, contributions from overseas operations were going to be crucial for the growth in this sector. China overseas operations grow 33% to $16.7 million while the Singapore operations were growing only marginally. Moving forward, we should ...
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