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Sembcorp Marine Swings to Q4 Loss

Posted by February 21, 2018

Singapore's Sembcorp Marine (SMBMF) swung to a net loss in the fourth quarter, with revenue plunging 21 percent due to lower rig-building revenue, fewer floater and offshore platforms projects.
The rig builder reported a net loss of S$33.8 million ($25.59 million) for the three months ended December, compared with profit of S$34.3 million a year ago.
The company's full-year net profit slumped 82 percent to S$14.1 million. Analysts expected Sembcorp to report a net income of S$70.6 million for the full year, according to Thomson Reuters data.
Reporting by Aradhana Aravindan 

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