Rigbuilding a drag on SembMarine Q1 earnings
RIGBUILDER Sembcorp Marine's net profit in its fiscal first quarter fell 27.9 per cent to S$39.5 million from the preceding year, the group said in a Singapore Exchange filing on Thursday evening.
For the three months ended March 31, revenue dropped 17.2 per cent to S$760.1 million from the preceding year. The decline in revenue was due partly to lower revenue recognition for rig building projects, it said.
Earnings per share sank to 1.89 Singapore cents from 2.63 Singapore cents in the year-ago period. Sembcorp Marine shares closed S$0.005 or 0.3 per cent lower at S$1.73 on Thursday.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Syngenta to withdraw China IPO application on weak market: sources
Chinese firms’ fundraisings in limbo as IPOs scrutinised at home and abroad
China’s Huawei continues rebound with strongest earnings growth since 2019
Hatten Land gets notice of default, letter of demand for RM14 million, appoints financial adviser
ComfortDelGro wins contracts to run buses in Manchester
Sam Bankman-Fried, at sentencing, acknowledges FTX customers have suffered