Sembcorp Marine's Q2 profit down 89.5%

LOWER turnover weighed down results for Sembcorp Marine in its second quarter.

Net profit plunged 89.5 per cent to S$11.5 million from the previous year, the group said in a Singapore Exchange filing on Thursday evening.

For the three months ended June 30, revenue tumbled 24.8 per cent to S$908.5 million from the year-ago period.

The decline in revenue was mainly due to the lower revenue recognition for rig building projects resulting from customers' delivery deferment requests, it added.

For the half year, net profit fell sharply by 69 per cent to S$66.3 million, while revenue slid 27 per cent to S$1.8 billion.

Q2 earnings per share fell to 0.55 Singapore cent from 5.23 Singapore cents in the preceding year.

Net asset value per share was flat at 120.29 Singapore cents as at June 30, from 120.24 Singapore cents as at six months ago.

Dividend per share dropped to 1.5 Singapore cents from four Singapore cents in the previous year.

The counter closed 2.5 Singapore cents lower at S$1.435 on Thursday.