Daily Briefing: Sembcorp sees profit slump; SIA profit nearly triples

And Swiber’s wind-up flags rising risks Singapore bondholders face.

Sembcorp Marine Ltd., the world’s second-biggest builder of oil rigs, joined its larger rival Keppel Corp. in reporting a profit slump last quarter as projects were deferred or canceled due to low crude oil prices. Net income at Singapore-based Sembcorp plunged 90 percent in the quarter through June to S$11.5 million ($8.5 million) from S$109.2 million a year earlier, the company said in a statement to the Singapore exchange Thursday. Sales dropped 25 percent to S$908.5 million. Read more here.

Singapore Airlines (SIA) on Thursday said its group net profit for the first quarter nearly tripled from the previous year due to lower fuel prices and divestment gains. Net profit for the three months to June came in at Sg$257 million (US$190 million), up 182 percent from Sg$91.2 million in the same period last year, the airline said in a statement. Find out more here.

Singapore bondholders face further shake ups after Swiber Holdings Ltd. said it has applied to be wound up. The move comes after Indonesian firm PT Trikomsel Oke and Pacific Andes Resources Development Ltd., based in Hong Kong, defaulted on three bonds totaling S$415 million ($307 million) since late 2015, the first cracks in Singapore dollar-denominated notes since 2009. Read more here.