Singapore, May 3, 2013 : Sembcorp Marine today reported a 5% growth in net profit from $113 million in 1Q 2012 to $119 million in 1Q 2013. Group turnover for the first quarter of 2013 registered an 11% increase to $1.1 billion as compared with $943 million for the corresponding period in 2012. The increase came mainly from higher revenue recognition from rig building activities.
Group operating profit increased by 19% from $120 million in 1Q 2012 to $143 million in 1Q 2013. At pre-tax level, Group profit at $149 million was 4% higher than the $144 million achieved in the first quarter of last year. The increased contribution which came mainly from the higher operating margins from rig building and ship repair businesses was offset by the lower contribution from an associated company and the absence of interest income received in 1Q 2012 for deferred payment granted to customers.
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