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Sembcorp Industries’ marine business suffered millions of dollars of losses in the third quarter, dragging the firm’s total profits lower by 11.6% compared to a year ago.
Overall net profit for the fiscal third quarter was at S$82.3 million, compared to S$93.1 million a year ago.
The business’ marine segment saw losses of S$17.9 million for the third quarter, a reversal from the S$60.4 million profit a year ago. Turnover for the segment rose by 60.2% to S$1.2 billion on new projects and sale of rigs but the loss from the sale of West Rigel, a semi-submersible rig as well as ongoing low business volume led to the sum of losses.
Overall turnover was at S$3.0 billion for the quarter, a 36.3% rise from a year ago.
Earnings per share was at 3.98 Singapore cents, down from 4.56 Singapore cents a year ago.
The group’s utilities segment climbed to a profit of S$91 million from S$27.5 million a year ago, with positive contributions from the firm’s thermal power plant in India and renewable power plant efforts. Its urban development business saw a net profit of S$8.1 million, a 1.4% fall compared to a year ago.
Going forward, Sembcorp said overall business volume and activity for its marine business is expected to remain relatively low in the near term. Its utilities arm, meanwhile, is on track to deliver better performance this year.
As a whole, the market environment is expected to remain challenging for the rest of the year, the utilities, marine, and urban development firm said.
"While a broader-based global recovery is underway, downside risks to global growth have risen amidst rising trade and geopolitical challenges,” Sembcorp said.
The firm went on to say that it is confident it has the right strategies and capabilities for the future.
Sembcorp’s shares opened slightly higher on Friday morning, up 0.35% or S$0.01, at S$2.85.