Sembcorp Marine Q1 profit up 3.1% to $122.5m, revenue jumps 27.2%

Singapore

SEMBCORP Marine yesterday reported a 3.1 per cent increase in its first-quarter net profit to $122.5 million from the $119 million earned during the same period last year.

Revenue for the Singapore-based offshore rigbuilder increased 27.2 per cent for the quarter to $1.34 billion as compared with $1.05 billion for the corresponding period in 2013. The increase came mainly from higher revenue recognition from rigbuilding activities and offshore platform projects.