Sembcorp Marine's 2Q net profit down 15%

Sembcorp Marine, the world’s second largest rig builder, posted a worse-than-expected 15 percent fall in second quarter net profit, despite stronger margins.

The company, a unit of waste-processor to infrastructure conglomerate Sembcorp Industry , reported a net profit of $149.7 million  for the three months ended June 30, compared to $176.1 million a year ago.

The profit was missing the average forecast of two analysts surveyed by Reuters of $183.5 million.

Sembcorp said its net orderbook stood at $5.7 billion after securing a total ofS$2.6 billion in new orders since the start of the year, excluding ship repair contracts.