Sembcorp Industries posts tepid first quarter results

Sembcorp Industries posted net profit of $176.9 million in the first quarter, up slightly from the $176.7 million in the same period last year.

Turnover for the three months came in at $2.350 billion, down about 3.3 per cent from $2.431 billion in the first quarter of 2012.

Net profit from the utilities business - impacted by lower contributions from Singapore and mitigated by better performance from China and the Middle East - came in at $89.4 million, down 9.7 per cent from $99.0 million last year.

The marine business' first quarter net profit was up 5 per cent to $72.0 million from $68.7 million in the corresponding period last year, due to higher operating profit, offset by lower contribution from the Cosco Shipyard Group.

Meanwhile, the urban development business posted a net profit of $6.7 million, a 42 per cent increase from $4.7 million last year.

Earnings per share amounted to 9.9 cents for the quarter, unchanged from the same period last year.

The group said it continues to be well-positioned to deliver long-term growth, underpinned by sound business fundamentals and a healthy pipeline of projects.