Sembcorp Marine bags S$54m from tax refund

DMG estimates it will boost Sembcorp’s 3Q11 profit by 54% to a whopping S$230m.

The tax had been provisionally paid and a refund will be received from IRAS.

Here’s more from DMG:

Sembcorp Marine SMM to gain from IRAS refund. SMM will recognise a gain of S$54.4m in 2011 as Jurong Shipyard, a wholly owned subsidiary, has been allowed deduction of its losses from forex transactions for tax purposes for the Years of Assessment 2008 and 2009. The tax had been provisionally paid and a refund will be received from IRAS. We estimate the refund to boost our FY11F EPS by around 8%. SMM will release its 3Q11 results on Thursday, 3 Nov 2011, and we estimate net profit of S$230m, up 54% QoQ but down 24% YoY as 3Q10 was boosted by a one-off gain of S$53m from forex settlement with SocGen and resumption of recognition for a CJ70 rig.

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