Sembcorp Marine reports lower 1Q earnings of $5.3 mil on lower contributions from platforms division, absence of one-off gain

SINGAPORE (Apr 25): Sembcorp Marine announced an 86% fall in earnings for the first quarter ended March from a year ago.

Earnings for 1Q18 came in at $5.3 million, compared with the restated $37 million in 1Q17, which was mainly due to the absence of a one-off gain from the disposal of Cosco Shipyard in 1Q17 as well as lower contributions from the offshore platforms division.

Excluding the effects on the adoption of SFRS(I) 15, SembMarine says it would have reported a net loss of $33 million for 1Q18 instead.

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