SEMBCORP Industries has suffered a 22.7 per cent slide in third quarter earnings to $196.6 million but actually recorded healthy operational profit growth.
The bottom-line came in lower as earnings in the same period last year had been boosted by one-off gains from the initial public offering (IPO) of Sembcorp Salalah Power and Water Company.
Revenue for the quarter rose 3.2 per cent to $3.07 billion, with its utilities and marine segments posting increases in revenue.
For the third quarter, net profit for its utilities business fell 34 per cent to $114.2 million.
But excluding the gains from Salalah's IPO and another significant item from a year back, an impairment made for operations on Teesside in Britain, the company had a 10 per cent net profit growth for the quarter, it said.
Net profit for its marine business rose 2 per cent to $80 million, mainly due to higher operating profit.
"Competition in the Singapore power market continues to be intense and is expected to affect the performance of the Utilities business. However, contribution from its overseas business is expected to grow," the company noted.
It added its marine business is "well-positioned" with a net order book of $12.6 billion, with completion and deliveries going into 2019.
"Despite the current low oil price environment, the Marine business believes long-term fundamentals driving the offshore exploration and production market remain stable," it said.
Quarterly earnings per share was 10.86 cents, down from 14.15 cents a year back.
Net asset value was $3.02 at Sept 30, up from $2.93 at Dec 31.