Singapore’s Sembcorp Marine (Sembmarine) achieved a 2% year-on-year increase in net profit from $130 million to $132 million for the three months ended September 30, 2014 despite a challenging macro environment, the company said.
Group turnover for the third quarter of 2014 grew 3% year-on-year to $1.71 billion, which compares with $1.66 billion for the corresponding period in 2013. The higher revenue came mainly from increased contribution from the Group’s rig building activities and from offshore platform projects.
Gross profit for the three months grew 14% to $205 million from $180 million previously, EBITDA (earnings before interest, tax and depreciation) rose 3% to $200 million while operating profit increased 3% to $171 million.