Sembmarine Q1 net profit plunges 86% in absence of one-off gain

Singapore

THE absence of one-off gains eroded results for Sembcorp Marine (Sembmarine) in its first quarter, despite revenue increasing by some 60 per cent.

With overall business volume remaining low, negative operating profits may continue, the firm warned.

Sembmarine's first-quarter net profit plunged 85.7 per cent to S$5.3 million from the previous year, mainly due to the absence of the gain on disposal of Cosco Shipyard Co Ltd whic…