Here's what to blame for Sembcorp's 13% profits drop

But there were positive surprises.

According to DBS, 2Q13 PATMI of S$165m (-13% y-o-y, 7% q-o-q) came in below its forecast (S$170m) and consensus (S$199m) due to weaker Marine and Urban Development.

Here's more:

Utilities, however, surprised on the upside with earnings climbing 18% y-o-y to S$111.9m, above our forecast of S$76m and hitting more than 60% of our original FY13F.

Marine earnings declined 13% y-o-y on weak margins. In 2Q, Utilities accounted for 68% of group PATMI and Marine contributed 46% before allocation of corporate expenses. Group sales dropped 6% y-o-y to S$2.5bn.

Singapore & China are drivers. Despite lower electricity sales and HSFO prices, Singapore profits grew 8% y-o-y to S$69m, partly dragged by one-off charges of S$8m. Net margin expanded to 6.2% from 5% in 2Q12.

China grew the fastest, up 60% y-o-y as AES’ power assets were more profitable in the quarter, thanks to lower coal prices for its coal-fired plants.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia