Rig-builder Sembcorp Marine's profit nearly halves as clients defer projects
SINGAPORE, April 27 (Reuters) - Singaporean rig-builder Sembcorp Marine Ltd posted a 48 percent fall in quarterly profit, as new orders dried up and clients delayed projects amid tumbling oil prices.
Sembcorp posted a profit of S$55 million ($41 million) for the three months ended March 31, compared with a profit of S$106 million a year ago.
The company, a subsidiary of industrial conglomerate Sembcorp Industries Ltd, posted revenue of S$918 million - a drop of about 30 percent from a year earlier. ($1 = 1.3489 Singapore dollars) (Reporting by Aradhana Aravindan; Editing by Muralikumar Anantharaman)
© Thomson Reuters 2016 All rights reserved.