Weaker marine earnings drag down results at Sembcorp Industries
A DROP in earnings at its marine division hit the bottom line at Sembcorp Industries in the fourth quarter.
Net profit for the three months to Dec 31 was $204.7 million, down 18.7 per cent on the $251.9 million recorded a year earlier.
The hit came mainly from the marine division, which contributed less profits due to the lower margins from new-design rigs.
Revenue climbed 25.4 per cent to $2.82 billion for the quarter, with all divisions reporting higher turnover.