.Sembcorp Q1 net profit up 19% to S$158.8m boosted by marine division

By Mok Fei Fei

Posted: 10 May 2010 1159 hrs

SINGAPORE : Conglomerate Sembcorp Industries said on Monday its first quarter net profit rose 19 per cent on-year to S$158.8 million.


Its higher profit came on the back of a 12 per cent increase in revenue to S$2.4 billion.

Sembcorp said the improved performance was due mostly to its marine business.

Sembcorp Marine's contribution to the parent's net profit grew 23 per cent to S$91 million.

Last Friday, Sembcorp Marine said its first quarter net earnings rose about 24 per cent to some S$149 million from a year ago.

Sembcorp said the hike in its utilities unit's turnover for the period ended in March was mainly from its Singapore operation, which saw higher sulphur fuel oil prices.

But its Environment unit's revenue dropped 21 per cent due to the divestment of its conservancy, commercial cleaning and car park management business.

Going forward, Sembcorp said its utilities operations is expected to remain fairly steady this year.

It also said its marine business expects to achieve satisfactory results, while its industrial parks is likely to perform better.