Sembcorp Industries posts 8.3% rise in Q2 net profit to $179 million

Sembcorp Industries' urban development business posted a 136 per cent increase in net profit to $24.3 million in the first six months of the year, as a result of contributions from the Nanjing Eco Hi-tech Island project in China (pictured). -- PHOTO:
Sembcorp Industries' urban development business posted a 136 per cent increase in net profit to $24.3 million in the first six months of the year, as a result of contributions from the Nanjing Eco Hi-tech Island project in China (pictured). -- PHOTO: SEMBCORP DEVELOPMENT 

SINGAPORE - Net profit at conglomerate Sembcorp Industries expanded 8.3 per cent to $179 million in the second quarter, on the back of strong growth in the company's marine and urban development businesses.

Revenue for the three months ended June 30 increased 1.4 per cent over the same period last year to reach $2.5 billion.

The company declared an interim dividend of five cents per share, to be paid on Sept 2.

Second quarter net profit from the utilities segment, which accounted for about half of the group's bottomline in the first half of the year, dipped 17 per cent over last year to reach $92.8 million.

Net profit for the marine segment rose 5 per cent over last year to hit $79.8 million. The segment made up about 42 per cent of the group's earnings in the first half of the year.

The increase was due mainly to to a rise in operating profit and higher contributions from an associated company.

The urban development business posted a 136 per cent increase in net profit to $24.3 million in the first six months of the year, as a result of contributions from the Nanjing Eco Hi-tech Island project in China.

Net asset value per share was $2.97, up from $2.93 as at Dec 31 last year. Second quarter earnings per share rose to 9.87 cents from 9.26 cents previously.

Sembcorp Industries shares ended one cent lower at $5.41. The results were announced after market closed.