Categorized | Singapore Trading News

SembMarine’s Q2 net profit down 15%

Sembcorp Marine, the world’s second largest rig builder, posted a worse-than-expected 15 per cent fall in second quarter net profit, despite stronger margins.

The company, a unit of waste-processor to infrastructure conglomerate Sembcorp Industry, reported a net profit of S$149.7 million (US$124.4 million) for the three months ended June 30, compared to S$176.1 million a year ago.

The profit was missing the average forecast of two analysts surveyed by Reuters of S$183.5 million.

Sembcorp said its net orderbook stood at S$5.7 billion after securing a total of S$2.6 billion in new orders since the start of the year, excluding ship repair contracts.

Adapted from Reuters & The Business Times.

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