India strong market for Sembcorp, says financial report

India has also become the second largest asset base for SCI, totaling SGD 6.33 billion, or 27 percent of the total SGD22.82 billion.

India has emerged a strong market for Sembcorp Industries (SCI) with capital expenditure during the first half of this year totaling SGD 200.65 million, or 49 percent of SGD410.07 million.

Comparatively, SCI's second highest spending was in Singapore at SGD 144.16 million, or 35 percent of the total, according to a latest financial report released today.

India has also become the second largest asset base for SCI, totaling SGD 6.33 billion, or 27 percent of the total SGD22.82 billion. SCI still holds highest assets in Singapore at SGD 9.535 billion, or 42 percent of the total.

Given the strong investment opportunities, India now ranks SCI's third largest market, having generated a revenue of SGD 924.76 million or 15 percent of the total USD 6.1 billion for the half year ended 30 June 2018.

SCI generated SGD 2.076 billion, or 34 percent, of the total revenue from Singapore and SGD 1.08 billion, or 18 percent, from Rest of Europe for the first six months of this year.

SCI's half-year group turnover of SGD 6.1 billion rose by 38.6 percent over SGD 4.4 billion for the same period in 2017.

While utilities performed well, lower marine business volume reduced pre-tax profit by 13.2 (rpt) 13.2 percent to SGD 204.6 million from SGD 235.84 million over H1 2017. Net profit was 7.9 percent lower at SGD 158.6 million for Jan-June 2018.

Among its latest investments in India, SCI's subsidiary Sembcorp Energy India Limited (SEIL) has been formally awarded a 300-megawatt wind power project since March this year.

The project is proposed to be in the wind-rich western region of Gujarat.

With the 300-MW, SEIL has won a combined capacity of 800-MW from the three national wind power auctions, which is by far the largest combined capacity won by an independent power producer so far.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)