Sembcorp's net profit jumps 11.3% to $119.1m in Q1.

Thanks to its robust urban development business.

Sembcorp Industries ended the past quarter with strong gains, recording an 11.3% rise in net profit to $119.1m compared to last year.

The improvement in net profit was an effect of its robust urban development businesses, which posted a net profit of $37.2m, compared to $1.2m recorded a year ago. This is due to the higher land sales by its China associates.

Meanwhile, its utilities business contributed $55.3m in net profit, down from $75.2m last year due to the group's weak performance in India. To recall, its second thermal power plant, SGPL, achieved commercial operations in India last February. However, its performance was adversely affected by weak short-term power tariffs and start-up issues.

On the other hand, its marine business contributed a net profit of $24.1m compared to $33.5m in 1Q2016. This was mainly due to lower contribution from rig building projects.

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