SINGAPORE - Sembcorp Industries said on Wednesday first quarter net profit rose 0.7 per cent from the year-ago period as marginal gains in its utilities and marine businesses were offset by lower profits from industrial parks.
It earned S$159.9 million (US$129.8 million) in the three months ended March 31, up from S$158.8 million in Jan-March 2010. Turnover fell 17 per cent to S$2.0 billion from S$2.4 billion.
Looking ahead, the firm said it expects its marine arm to secure additional orders while its utilities and industrial park businesses should report steady performances.
Sembcorp's marine business, held through listed Sembcorp Marine, has a current net order book of S$5.2 billion due for completion in first quarter 2014, including S$1.5 billion in orders secured year-to-date.
'At the same time, we are developing new sizeable energy and water projects in Singapore, India and Oman,' CEO Tang Kin Fei said in a statement.
'With a total project value of S$4 billion, these investments will provide the impetus for Sembcorp to achieve sustainable growth,' he added. -- REUTERS
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