Sembcorp Marine Q2 earnings down 12.5% at $124.9 million

RIG builder Sembcorp Marine (SembMarine) posted a dip in second quarter earnings on Thursday, due largely to lower revenue recognition from rig building.

Net profit for the three months to June 30 fell 12.5 per cent from the same period last year to $124.9 million.

Turnover also dipped 7.6 per cent to $1.12 billion for the same period.

Earnings per share for the quarter fell 12.6 per cent to 5.98 cents from the same period a year ago,

Net asset value per share firmed to 118.21 cents as at Jun 30, compared with 116.8 cents as at Dec 31.

The firm also recommended an interim dividend of five cents per share, to be paid on Aug 29.

SembMarine said its net order book stood at $14.4 billion, on the back of $3.5 billion worth of contracts secured to date.

"Despite the challenging shipping market environment, there is continued demand for repairs in the niche segments of liquefied natural gas carrier repairs, life extension work and upgrading of offshore vessels and cruise ships," the firm said in a statement.

SembMarine shares closed two cents up at $4.57 when the market closed today.