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Sembcorp Marine's Q1 profit up 3% to $122 million

Published on May 2, 2014 7:36 PM

MARINE engineering firm Sembcorp Marine managed to eke out quarterly gains amidst what it described as "a challenging operating environment".

It reported a 3 per cent increase in net profit to $122 million for the first-quarter ended Mar 31.

Earnings rose on the back of a 27 per cent increase in turnover to $1.34 billion, due mainly to higher revenue recognition from its rib building activities and offshore platform projects.

But it was prevented from going higher by increased cost of sales, which rose 30 per cent to $1.16 billion.

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