Sembcorp net profit drops 72% to $150m in H1

Underlying profit falls 25%, whilst Alinta acquisition costs total $155m.

Sembcorp Industries’ net profit fell 72% to $150m in the first half, from $536m a year earlier.

Profit for the period declined 70% to $164m from $552m. Of this, $14m was attributable to non-controlling interests, according to a bourse filing.

Profit before tax dropped 62% to $246m from $640m.

Meanwhile, Sembcorp said underlying net profit decreased 25% to $369m. Reported net profit was reduced by a $57m deferred payment note foreign-exchange loss, a $10m fair-value loss on energy derivatives, and $152m in exceptional items.

The exceptional loss mainly comprised $155m of transaction costs related to the group’s acquisition of Alinta, partly offset by a $3m gain from the disposal of Sembcorp Qinzhou Water in China.

The group declared an interim dividend of 11 cents per share, up from 9 cents, payable on 4 September.

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