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.