Sembawang's yard profits

Sembawang's yard profits

SINGAPORE (Reuter): Singapore's Sembawang Corp says it expects its new shipyard on the Indonesian island of Karimun to be profitable in its third year of operations, the Straits Times said.

The yard is to be officially opened in October, the newspaper quoted Tan Mong Seng, president of Sembawang's machine and heavy industries division, as saying.

Tan said Sembawang would explore other regionalization plans, such as investing in a shipyard in southern China, depending on the success of the Karimun project. The firm already has a joint venture yard in northern China.

The group was also considering building a S$50 million shipyard on Jurong Island for high value work, the newspaper said.