Sembcorp's Q4 profit up 7.5%, boosted by gains in utilities business

Singapore

DESPITE the trying time for the oil services sector, following the steep plunge in crude prices, Sembcorp Industries, one of the world's largest rig-builders, achieved a profit rise for its fourth-quarter earnings - buoyed by gains from its utilities business.

For the three months ended Dec 31, 2014, Sembcorp's net profit grew 7.5 per cent to S$240.62 million, mostly due to higher contributions from its utilities business in China and the UK, which contributed to a 44 per cent gain in the segment's earnings to S$109.40 million.