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Sembcorp India unit turns around with SGD 28.9 mn profit in Sept-qtr

Press Trust of India  |  New Delhi 

Singapore-based firm Sembcorp's unit has turned around to post a net profit of dollar 28.9 million (about Rs 153.3 crore) in the September quarter on better operational performance and commencing a new project.

Net profit of dollar (SGD) 28.9 million in the July-September quarter compared with a loss of SGD 2.7 million a year ago, according to a company statement.

Sembcorp Ltd's "thermal power plant continue to contribute positively and improvement in third quarter of 2018 came from its renewable power plant with good wind season," it said.

The company follows January to December as the

said: "continued to deliver a positive performance. We secured a long-term power purchase agreement for our second thermal power plant and commenced operations of the 250-megawatt project, the first installed capacity delivered under India's nationwide tenders. We now have 2,600 megawatts of assets in operation and under development globally."

rose 9 per cent to SGD 482.5 million.

During nine month period ended September 30, 2018, posted a net profit of SGD 52.7 million as opposed to a loss of SGD 22.5 million in the same period of the previous year. rose 12 per cent to SGD 1.4 billion.

On the outlook, the company said "India energy business is expected to be profitable for 2018, despite a weaker upcoming fourth quarter".

(SGPL), a subsidiary of (SEIL), has been merged into SEIL.

"Accordingly, the thermal business has been consolidated into SEIL and renewable business will remain with the SEIL subsidiary (Sembcorp Green Infra Ltd)," the statement said.

Also, a unit of SEIL has won tender to supply 250 MW of power to over 15 years, it added.

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

First Published: Sun, November 04 2018. 13:45 IST