Sembcorp Industries Third-Quarter Net Profit Down 38% at S$33.6 Million

By Gaurav Raghuvanshi Features Dow Jones Newswires

Sembcorp Industries Ltd. (U96.SG) reported a 38% decline in third-quarter net profit, as its offshore and marine business remained weak.

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Net profit for the three months ended September was 33.6 million Singapore dollars (US$24.7 million), compared with S$53.9 million in the same period last year, Sembcorp said in a statement to the Singapore Exchange on Thursday.

Turnover fell 15% from the previous year to S$1.81 billion, the marine-to-utilities conglomerate said.

The decline was due mainly to the drag from its rig-building unit, Sembcorp Marine Ltd. (S51.SG). However, Sembcorp said global exploration and production spending are showing signs of improvement. Enquiries for non-drilling solutions are also "encouraging," it said.

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

(END) Dow Jones Newswires

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November 02, 2017 06:04 ET (10:04 GMT)