Stiff competition in utilities market dims Sembcorp Q1 earnings
Add BT as a preferred sourceA GLOOMIER showing from its utilities arm and weakness in its marine division dragged down first-quarter earnings for Sembcorp Industries.
Net profit fell 23.1 per cent to S$142.2 million for the three months to March 31 from the preceding year, the group said on Thursday.
The drop came on the back of a 11 per cent slide in turnover to S$2.34 billion in the period.
Sembcorp's utilities business was hit by "continued intense competition in the Singapore power market", it said in a statement, adding that its marine business brought in lower rig building and repair earnings.
Earnings per share fell to 7.83 Singapore cents for Q1, down from 10.25 Singapore cents the preceding year. Net asset value per share rose slightly to S$3.31 as at March 31, from S$3.15 as at Dec 31.
Sembcorp Industries shares dipped a cent to S$4.49 on Thursday before it released results.
Share with us your feedback on BT's products and services
TRENDING NOW
DBS COO’s most important tip for AI transformation: Lead with ‘why’
Vietnam seeks US$76 billion a year from capital markets to ease reliance on banks
Too little, too late? Manila’s billion-dollar bid to ignite its sputtering EV industry
Two-thirds of Sentosa Cove resales in the red, with average loss topping S$1 million since 2023
