First quarter earnings rise 4.5% at SembCorp Industries

An oil rig at SembCorp Marine PPL shipyard, off the coast near Pandan Industrial Estate. SembCorp Industries lifted earnings in the first quarter by 4.5 per cent, thanks to better performances from its three main business units. -- ST FILE PHOTO
An oil rig at SembCorp Marine PPL shipyard, off the coast near Pandan Industrial Estate. SembCorp Industries lifted earnings in the first quarter by 4.5 per cent, thanks to better performances from its three main business units. -- ST FILE PHOTO: ALPHONSUS CHERN

SINGAPORE - SembCorp Industries lifted earnings in the first quarter by 4.5 per cent, thanks to better performances from its three main business units.

Net profit for the three months to March 31 came in at $184.8 million, up from $176.9 million a year ago while revenue rose 11.8 per cent to $2.6 billion, it reported on Tuesday.

The utilities business reported quarterly net profit of $91.6 million, increasing 3 per cent from $89.4 million in a year earlier, while the marine division's net profit grew 3 per cent to $74.3 million, from $72 million.

The urban development business recorded a profit growth of 192 per cent to $19.5 million, due to a strong contribution from its Nanjing Eco Hi-tech Island project in China.

Earnings per share were 10.25 cents for the quarter, up from 9.9 cents a year ago. Net asset value per share was $3.04 at March 31, an increase from $2.93 at Dec 31.

"In the first quarter SembCorp continued to deliver profit growth, underpinned by better performance from our China operations in both our utilities and urban development businesses," said Mr Tang Kin Fei, group president and chief executive, in a statement.

"Going forward, our strong pipeline of projects - which will increase our power capacity by more than 70 per cent and our water and wastewater treatment capacity by more than 20 per cent over the next three years - will enhance our recurring income base."

The results were announced after markets closed. SembCorp shares closed three cents up at $5.38.