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
Philips pays US$1.1 billion in US settlement over ventilator recall
Tesla clears key regulatory hurdles for self-driving in China during Musk’s visit
Hot stock: Seatrium up 5.6% on S$100 million share buyback programme
Norway sovereign wealth fund backs HSBC bonus policy reform
Shell earns US$1 billion a year from US crude trading, court filing shows
Sembcorp announces long-term power purchase agreements with Equinix