Sembcorp Industries' net profit dropped 23.1% to $142.2m in Q1

Due to weaker marine and utilities business.

Sembcorp Industries reported that its net profit dropped 23.1% year-on-year to $142.2m in Q1.

The decline was driven by weaker performance from its utilities and marine segments. Utilities net profit declined 19% to $74.5m, while marine's net profit declined 13% to $64.6m.

Sembcorp attributed the decline to intense competition in the Singapore power market, low oil prices, and lower contribution from rig building and repair projects.

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