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SINGAPORE : Sembcorp Marine said its third quarter profit jumped 73 per cent to S$140.9 million, but revenue fell 2 per cent to S$1.14 billion.
The better showing in earnings was due to higher operating margins from rig building and ship repair businesses, as well as better contribution from associated companies.
In the first nine months of its financial year, SembMarine's group attributable profit rose 50 per cent on-year to S$360.5 million.
Despite challenging economic conditions, SembMarine expects its current year's overall performance to be better than last year's.
The company said it is in a strong net cash and balance sheet position.
It also has a net book order of S$9.9 billion, comprising rig building, ship conversion and offshore projects. This includes new orders of S$5.5 billion secured since January this year.
Overall, SembMarine said it is confident that the long-term outlook for the marine and offshore industry remains positive. - CNA /ls
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