Sembcorp Marine's net profit plunged 14% to $106m in Q1

Due to lower revenue, higher opex and forex loss.

Sembcorp Marine reported that its net profit plunged 14% year-on-year to $106m in the first quarter, dragged by lower revenue, higher operating expenses and forex loss.

Turnover for the Rig building sector declined 5% year-on-year from $796m to $753m. Ship repair revenue was 37% lower at $100m in the quarter as average revenue per vessel remained low although the number of ships repaired increased.

SembMarine also grappled with a $10.9m forex loss caused mainly by the revaluation of assets and liabilities denominated in Euro, United States dollar and Brazilian Real.

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