Sembcorp Industries Limited (SGX: U96), or SCI, released its first half 2020 earnings last week. It wasn’t pretty. The diversified energy, marine and urban development conglomerate saw a 27% a year on year decline in revenue and posted a net loss of S$131 million. Excluding exceptional items, net profit would have been S$60 million. Challenging conditions in the energy and marine industries saw revenue falling for both divisions. Energy division posted a small net loss of S$5 million for the half-year, reversing from a net profit of S$177 million in the prior year. For the first half of the year, free cash flow plummeted sharply from S$315 million a year ago to just S$65 million this year. The group’s debt load remains heavy, with gross borrowings of S$12.1 billion against cash of around S$2.2 billion. No interim dividend was declared for the period. During the same period last year, an interim dividend of S$0.02 was announced....