Sembcorp Industries Q2 earnings plunge 61.3%

SEMBCORP Industries' second quarter results plummeted 61.3 per cent, as poor revenue from its marine business and intense competition in the utilities business dragged down its bottom line.

Net profit fell to S$86.5 million from the year-ago period, the group said in a Singapore Exchange filing on Tuesday evening.

For the three months ended June 30, revenue fell 22.7 per cent to S$1.85 billion from the preceding year. The decline in revenue was due to lower fuel prices recorded in the quarter for the utilities division, and lower revenue recognition for rig building projects for the marine division as a result of deferment requests by customers, it added.

Q2 earnings per share stood at 4.29 Singapore cents, down from 12.19 Singapore cents in the year-ago period. The group has declared an interim dividend of four Singapore cents per share.