LOWER overall business volume which hit the absorption of overhead costs dragged down Sembcorp Marine's results for the first-quarter ended March 31, 2019.
On a per share basis, earnings came in at 0.08 Singapore cent for the three-month period, down from 0.25 Singapore cent last year.Group revenue slipped 31.3 per cent to S$810.6 million, as compared to S$1.18 billion in Q1 last year. This was mainly due to lower revenue recognition from rigs and floaters and offshore platform projects, which was partially mitigated by higher repair and upgrade revenue, SembMarine said.
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