Utility services provider Sembcorp Industries on Thursday said net profit fell 37.7 percent in the third-quarter, hurt by weak performance of its marine business and higher finance costs.
Net profit attributable to shareholders declined to S$33.62 million in the three months ended September 30 from S$53.9 million a year earlier.
Revenue fell 15.5 percent to S$1.8 billion in the quarter, the company said in a regulatory filing after market hours.
Utilities turnover rose 17 percent, mainly due to an increase in HSFO (high sulphur furnace oil) prices and higher contribution from India.
"Utilities underlying operations are performing well. However, net profit contribution from the business is expected to be lower than 2016," the company said in a statement.
Marine's turnover was $571 million lower than last year, mainly from its rig building and offshore platform projects, the company said.
The Marine business continued to be subdued mainly due to lower contribution from rig building and offshore platform projects, the company said.
Finance costs rose about 40 percent to S$126.7 million.
Shares in the Singapore-listed firm ended down 0.6 percent at S$3.38. Stock has gained 19 percent so far this year.
