Sembcorp Industries Q3 profit falls 55.9%

LOSSES in the marine segment and an impairment for Gallant Venture weighed down results for Sembcorp Industries for its third quarter.

Net profit nosedived 55.9 per cent to S$53.9 million from the preceding year, the group said in a Singapore Exchange filing on Thursday evening.

For the three months ended Sept 30, revenue fell 10.8 per cent to S$2.1 billion from the previous year. The decline in revenue was due partly to lower contribution from its marine business and a subsidiary in specialised construction activities, it said.

Q3 earnings per share sank to 2.47 Singapore cents from 6.29 Singapore cents in the year-ago period.

Sembcorp Industries shares closed at S$2.48 on Thursday, up three Singapore cents, before the results announcement.