Sembcorp Marine Q2 profit halves to S$5.6m

LOWER contribution from rig building and offshore platform projects took a toll on results for Sembcorp Marine in its second quarter.

Net profit plunged 51.2 per cent to S$5.6 million from the year-ago period, the group said in a Singapore Exchange filing on Thursday evening.

The fall in profit was mainly due to lower contribution from rig building and offshore platform projects, and foreign exchange translation loss on the US dollar borrowings for the Brazil yard, it said.

For the three months ended June 30, revenue tumbled 27.8 per cent to S$655.5 million from the preceding year.

Earnings per share sank to 0.27 Singapore cent from 0.55 Singapore cent in the year-ago period.

Net asset value per share dipped to 121.62 Singapore cents as at June 30, from 122.62 Singapore cents six months ago.

Sembcorp Marine shares closed S$0.02 or 1.1 per cent lower at S$1.74 on Thursday.