Ship Ahoy: Marine, urban development segments pushed Sembcorp's profits up 4.5%

Revenue also jumped by 11.8%.

According to OCBC Investment Research, Sembcorp Industries (SCI) posted an 11.8% YoY rise in revenue to S$2.63b and a 4.5% YoY increase in net profit to S$184.8m in 1Q14, accounting for 22% and 23% of OCBC's full year estimates, respectively.

Here's more:

There were no material one-offs in the last quarter and the results were within our expectations. Net profit from the utilities business rose 3% to S$91.6m, while marine saw a similar rise in percentage to S$74.3m in the quarter. Urban development was the outperformer, with a 192% rise in net profit to S$19.5m, due to strong contributions from the Nanjing Eco Hi-tech project in China.

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