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