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Sembcorp Industries' marine business suffered losses of several million dollars in the third quarter, resulting in a decline in total profits of 11.6% over the previous year.
Overall net income for the third quarter of the year was S $ 82.3 million, compared with S $ 93.1 million in the previous year.
The company's marine sector recorded losses of S $ 17.9 million for the third quarter, down from S $ 60.4 million in the previous year. Segment revenue increased 60.2% to S $ 1.2 billion from new projects and platform sales, but loss from the sale of West Rigel platform semi-submersible, as well as the low volume of ongoing activities resulted in a loss.
Overall sales reached S $ 3.0 billion for the quarter, up 36.3 percent over the previous year.
Earnings per share were 3.98 cents Singapore, down 4.56 cents Singapore a year ago.
The utility sector of the group reached US $ 91 million, up from US $ 27.5 million a year ago, thanks to the positive contribution of the company's thermal power plant in India and the efforts on renewable power plants. Its urban development activity recorded a net profit of 8.1 million Singaporean dollars, down 1.4% from the previous year.
Sembcorp said that, in the future, the volume of business and the activity of its maritime activity should remain relatively low in the short term. Meanwhile, its utility business is poised to deliver better results this year.
Overall, market conditions are expected to remain difficult for the rest of the year, the utility, marine and urban development company announced.
"While a broader global recovery is underway, the downside risks to global growth have increased in the face of mounting business and geopolitical challenges," Sembcorp said.
The company went on to say that it has the right strategies and capabilities for the future.
Sembcorp shares rose slightly on Friday morning, up 0.35% or 0.01 Australian dollar, to 2.85 Singapore dollars.
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