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.

The increase in net profit saw Sembcorp Marine's earnings per share for the quarter also rise by 3.1 per cent to 5.87 Singapore cents, up from …