Sembcorp’s net profit inched up to $365.8m in H1

Utilities drove growth while marine stumbled.

Sembcorp Industries reported that its net profit inched up 0.5% year-on-year to $365.8m in the the first half of the year.

Its utilities segment drove growth during the quarter, with net profit jumping 17% to $216m on back of gains from the divestment of its UK municipal water operations and good performance from its overseas operations.

Meanwhile, its marine segment’s net profit dipped 14.7% to $131.m, mainly due to lower contribution from rig building projects.

Sembcorp warned that both its utilities and marine businesses will continue to face headwinds in coming quarters, on back of intense competition in the Singapore market and persistently low oil price.

The group declared an interim dividend of 5.0 cents per ordinary share, which will be paid on September 1, 2015.