Sembcorp Marine Third Quarter Net Rises 12.3% on Surging Revenue

Sembcorp Marine Ltd. (S51.SG) Tuesday reported a 12.3% increase in its third quarter net profit on a surge in sales turnover as the rig builder's yards delivered more vessels.

Net profit for the quarter that ended Sept. 30 was 129.7 million Singapore dollars (US$104 million) compared with S$115.5 million in the same quarter last year. Total revenue surged 86% to S$1.66 billion, Sembcorp Marine said in a statement to Singapore Exchange.

Revenue from the rig building sector rose to S$1.14 billion from S$428 million in the third quarter of last year, according to the statement.

The company has secured new orders worth a total of S$3.9 billion since the start of the year, growing its net order book from to S$13.5 billion, with deliveries extending till 2019, it said, adding it expects industry fundamentals to remain sound.
Source: Dow Jones