Sembcorp Industries posts 20% higher net profit on lower cost
29 per cent drop in revenue offset by bigger decline in cost of sales
Singapore
SEMBCORP Industries (SCI) posted a 20 per cent increase in net profit for the second quarter, despite a 29 per cent decline in revenue as the fall was outstripped by a greater reduction in cost of sales.
The conglomerate reported a net profit of S$98 million for the three months ended June 30, up from S$82 million for the corresponding quarter a year ago. Earnings per share rose 26 per cent to 4.98 Singapore cents from 3.94 previously.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
DigitalBridge-backed Vantage said to weigh Hong Kong data centres sale
Vietnam delays launch of new stock trading system
Tesla’s plan for affordable cars takes page from Detroit rivals
Meituan to debut in Riyadh as expansion beyond China quickens
Mapletree Industrial Trust to distribute S$13 million of divestment gains over next 4 quarters
K-pop agency Hybe’s internal strife wipes out 1.2 trillion won