Sembcorp Industries Ltd. (U96.SG) on Wednesday reported a 11.3% year-over-year increase in first-quarter net profit, mainly driven by its urban development business and contributions from associates.
Net profit was 119.1 million Singapore dollars (US$85.4 million), compared with S$107 million a year ago.
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Revenue turnover rose 12.9% to S$2.14 billion, Singapore-based Sembcorp said in a regulatory filing. The conglomerate's businesses including rig building and utilities.
Profit contribution from the utilities business fell to S$55.3 million from S$75.2 million a year earlier, primarily because of weaker performance at its business in India.
The marine business contributed a net profit of S$24.1 million, compared with S$33.5 million last year, the company said.
Its urban development business delivered a profit of S$37.2 million compared with S$1.2 million last year, mainly driven by land sales in China, Sembcorp said.
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(END) Dow Jones Newswires
May 03, 2017 06:08 ET (10:08 GMT)