Utility services provider Sembcorp Industries on Thursday said net profit fell 36.1 percent in the second-quarter, hurt by weak performance of its marine business.
Net profit declined to S$55.3 million in the quarter from S$86.5 million a year earlier.
Revenue grew 23.2 percent to S$2.3 billion in the quarter ended June 30.
Utilities turnover rose 75 percent while marine's turnover fell 28 percent in the quarter.
The Marine business continued to be subdued mainly due to lower contribution from rig building and offshore platform projects, the company said.
"We will be disciplined on cost, cash flow and balance sheet, while at the same time smart about capturing opportunities and reshaping Sembcorp for the future," Chief Executive Officer Neil McGregor said in a statement.
Sembcorp expects performance of Utilities' China operations in 2017 to be lower than previous year due to
the expiry of the Yangcheng cooperative joint venture agreement in 2016.
The board has recommended an interim dividend of 3 cents per share.
Shares in the Singapore-listed firm ended down 0.6 percent at S$3.22. Stock has gained 13 percent so far this year.