,Singapore

Sembcorp Marine warns of continued losses ahead of earnings report

The offshore engineering group is set to declare a net loss for the first half of the year.

Profit losses continue for Sembcorp Marine, according to a profit guidance posted on the Singapore Exchange.

“The group expects that losses for the first half of 2021 are likely to be in the region of the full-year losses incurred for fiscal year 2020,” Sembcorp Marine said in a bourse disclosure.

It noted that its operations continue to be affected by ongoing COVID-19 disruptions, including increased manpower costs to address the skilled manpower shortage. Supply constraints have also caused further delays in the completion of its projects.

It also expects to incur additional costs due to work rescheduling, extra sub-contract work, additional material usage, and other staff turnover related costs.

Sembcorp Marine is expected to post its financial report for the first half of 2021 on 29 July 29.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The sector scored 72.7/100 points in customer satisfaction in the Customer Satisfaction Index of Singapore.
The new system, set for implementation in 2022, will provide migrant workers with quality, affordable and accessible healthcare catered to their needs.
Four medical suppliers saw an average 48% increase in stocks as markets reacted to the new variant.
Their pre-departure tests in South Africa on 26 November were negative.
The new skills maps serve as a resource for training providers and financial institutions to design family office-related training.
Its high costs make the country a top choice for companies with higher-valued-added manufacturing.
HongKongLand had the most growth for the day.
It surpassed the Bloomberg consensus estimate of 14.5%.
The agreement aims to grow tourism and economic activities as borders reopen. 
It will also enter a loan agreement worth $210.6m.
The acquisition will be fully funded by cash through internal resources.
These countries are Cambodia, the Maldives, Sri Lanka, Thailand, and Turkey.
The decrease was driven by profit declines in their beer and non-alcoholic businesses.
Sources say the state-owned Chinese firm is in talks with advisers about the potential divestment.