Keppel's net profit grows 23.7% to $260.4m in Q1

Infrastructure and investment gave its bottom line a boost.

Keppel Corporation (KEP) reported a rise in net profit for the past quarter, up 23.7% to $260.4m. This came even with the 28.4% fall in revenue to $1.25b.

The strong bottom line was given a boost by the infrastructure division, which recorded a $37m yields due to higher contributions from energy infrastructure. Meanwhile, Keppel's investment division also reported strong gains, ending the quarter with a $181m yield.

According to OCBC Investment Research, this was bumped up by one-off items such as $46m of writeback of impairment of investments, $32m gain on disposal from the sale of 80% interest in PT Sentral Tunjungan Perkasa, as well as $44m gain from the sale of interest in GE Keppel Energy Services Pte Ltd and Cityone Development (Wuxi) Co.

"We estimate recurring net profit of about S$113m, dragged by the offshore marine segment which broke even in 1Q17. The property division, which has lumpy quarterly contributions, saw a 48% YoY fall in revenue to $262m with lower revenue from China and Singapore," the brokerage firm said.

Also Read

Institution of Engineers sets up new board to promote faster chartership registration

Hanwha raises offer to $0.67 to acquire full control of Dyna-Mac Holdings

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit