SembMarine's Q2 net profit plunges 90%

Singapore

SEMBCORP Marine's (SembMarine) earnings plunged 90 per cent for the second quarter, as revenue dropped by a quarter, and finance costs and other non-operating expenses grew.

Net profit for the group fell to S$11.5 million for the three months ended June 30, down from S$109.2 million in the same period last year.

Revenue slumped 25 per cent to S$908.5 million, as requests by customers to defer deliveries led to lower revenue recognition for rig building projects.

The group's finance costs more than doubled to S$22.5 million in the quarter due…