Sembcorp Industries Q3 net profit drops 13% to S$71m on higher finance costs

Finance costs jump 25% on higher average bank borrowings for energy and marine businesses

Tay Peck Gek

Published Thu, Nov 14, 2019 · 09:50 PM

Singapore

MAINBOARD-LISTED conglomerate Sembcorp Industries posted a 13 per cent decline in net profit for the third quarter ended Sept 30, as higher finance costs mainly arising from its marine and energy businesses took a toll on the bottom line.

The energy, marine and urban development conglomerate recorded a net profit of S$71 million, lower than the S$82 million generated for the year-ago period.

The results, released after the market closed on Thursday, showed a 25 per cent spike to S$151 million in finance costs for the third quarter, which the group attributed mainly to higher average b…

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