Earlier this week, Sembcorp Industries Limited (SGX: U96), or SCI, released its full year 2020 (FY20) earnings. The conglomerate reported a massive net loss of S$997 million last year. The caveat here is that the losses can be narrowed down to a non-recurring fair value loss of S$970 million recorded after the distribution in specie of Sembcorp Marine Ltd (SGX: S51) shares. During the year, Sembcorp Marine, or SMM, also contributed to a net loss of S$184 million for SCI. Back in September 2020, SCI divested its stake in SMM in a corporate restructuring exercise. The move was aimed at freeing up SCI’s Energy and Urban divisions so they can refocus without the drag caused by the Marine division. But the intended benefits have yet to show up on SCI’s bottom line. Falling profits After removing SMM and exceptional, non-recurring items from the computation, SCI’s net profit for FY20 still fell to S$301 million, a 34% drop from FY19....