Sembcorp Industries' net profit dropped 23.1% to $142.2m in Q1
Due to weaker marine and utilities business.
Sembcorp Industries reported that its net profit dropped 23.1% year-on-year to $142.2m in Q1.
The decline was driven by weaker performance from its utilities and marine segments. Utilities net profit declined 19% to $74.5m, while marine's net profit declined 13% to $64.6m.
Sembcorp attributed the decline to intense competition in the Singapore power market, low oil prices, and lower contribution from rig building and repair projects.