SembMarine Q2 profit up 5.4% at S$131.6m

SEMBCORP Marine yesterday posted a 5.4 per cent increase in second-quarter net profit to S$131.6 million, from S$124.9 million a year ago, due to higher profit contribution from its rig building and fixed platform segments.

The rig-builder's revenue for the quarter ended June 30 rose 19 per cent to S$1.34 billion, from S$1.12 billion previously. The group achieved initial percentage of completion revenue recognition for two rig building projects during the quarter, compared to one rig building and two offshore and conversion projects a year ago.

Earnings per share came to 6.3 Singapore cents, up from 5.98 Singapore cents previously.