Sembcorp Marine 1st-Quarter Net Profit Down 28% on Year

By Gaurav Raghuvanshi Features Dow Jones Newswires

Sembcorp Marine Ltd. (S51.SG) on Thursday reported a 28% fall in first-quarter net profit year over year.

Continue Reading Below

Net profit in the March quarter was 39.5 million Singapore dollars (US$28.3 million), compared with S$54.8 million in the same period last year, Sembcorp Marine said in a regulatory filing. That included a S$47 million gain from the sale of the company's 30% equity stake in Cosco Shipyard Group Co., which was completed in January.

Revenue fell 17.2% from a year ago to S$760.1 million in the first quarter.

Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com

(END) Dow Jones Newswires

April 27, 2017 06:48 ET (10:48 GMT)