Stock Earnings: Sembcorp net profit surged to 481.91 mln sgd for q1!

SembCorp Industries Ltd may gain after reporting that its first-quarter net profit surged to 481.91 mln sgd from the year-earlier 72.33 mln, driven by exceptional gains from the sale of its unit SembCorp Logistics (SembLog). Following the sale of SembLog, which resulted in a gain of 463.3 mln sgd, the company proposed a cash distribution of 0.15 sgd per share. "We are now a focused utilities and marine group. As shown by the strong performance and consistent growth of these businesses, we are well-positioned to deliver a healthy 2006 performance," said SembCorp Industries group CEO Tang Kin Fei.