SINGAPORE (Oct 29): Sembcorp Industries’ earnings tumbled 37.8% to $122.3 million in the third quarter ended Sept 30, 2015, from $196.6 million a year ago.

Most of its segments reported lower earnings, led by a 75% decline in the marine segment, followed by utilities segment  (down 21%) and urban development segment (down 7%).

The only bright spot came from the corporate segment, which recorded $7.8 million in earnings compared with a loss of $2.5 million previously.

Sembcorp Industries says its marine segment suffered a lower contribution from rig-building projects, owing to customer deferment requests and restructuring, higher finance costs, impairment loss on available-for-sale financial assets and share of losses from associates.

Its utilities segment’s weaker bottomline was due to an allowance for doubtful debts made based on its group policy.

Revenue declined 21.8% to $2.4 billion from $3.1 billion previously, dragged down by the utilities and marine segments.

The utilities segment’s turnover were lower primarily due to the Singapore operations’ lower HSFO prices recorded in the quarter.

The marine segment saw lower revenue recognition for rig building projects and repair business.

Shares of Sembcorp Industries ended down three cents or 0.8% at $3.58.