Sembcorp Q3 profit down 38% on lower revenue and higher finance costs

Singapore

HIGHER finance costs and lower revenue eroded third-quarter earnings for Sembcorp Industries, which also wrote down S$56.3 million on its utilities business in Singapore.

Net profit for the group tumbled 37.7 per cent to S$33.6 million from the previous year, said the group in an exchange filing. This translates to earnings per share of 1.23 Singapore cents, down from 2.47 Singapore cents a year ago.

For the three months ended Sept 30, revenue fell 15.5 per cent to S$1.81 billion from the preceding year, as reduced contribution from the marine division more than offset an increase in the utilities division's turnover. Sembcorp Marine's (SembMarine) revenue had plunged 64.3 per cent year-on-year due to lower revenue recognition for rig building and offshore platform projects…