Singapore

SEMBCORP Industries' earnings plummeted 61 per cent in the second quarter, as poor contribution from its marine business and intense competition in the utilities business dragged down the bottom line.

Net profit fell to S$86.5 million for the three months ended June 30, from S$223.6 million for the year-ago period, the group said in a Singapore Exchange filing on Tuesday evening. Its turnover of S$1.85 billion was 23 per cent lower than the S$2.39 billion recorded last year, with revenue dropping across all segments of its business.