Photo from Sembcorp Marine

Sembcorp Marine narrows net loss to $143m in H122

In H121, the company recorded a net loss of $647m.

Sembcorp Marine was able to narrow its net losses in H122 to $143m from $647m in the same period last year.

The company attributed the "sequential improvement" in its financial performance to its "strong execution of multiple projects."

Sembcorp Marine has 12 projects scheduled for completion in delivery in FY22; Of the total, seven have been delivered year-to-date.

Contributions from new projects likewise pushed the company's revenue higher by 30% YoY to $1.1b. 

Overall, Sembcorp Marine said its operational and financial performance "improved significantly" in H1 22 "with the progressive resolution of COVID-19 challenges to enable smoother completion of existing projects, ongoing prudent costs and overheads management."

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