SembMarine’s profit dips

摘要

Singapore’s Sembcorp Marine posted a smaller profit in Q1 2019 due to lower revenue from the rigs, floaters and platforms projects. The company said it expects its production activity to remain low due to “intense competition”. SembMarine said that in Q1 2019, business volume was rel- atively stable. Higher percentage recognition from ongoing projects and ship repair and upgrade activities were offset by reduced contribution from completion of past projects. Overall business volume in Q1 2019 remained significantly below peak levels, the company added.