Keppel Corp's net profit down 2% to $397m in Q2

Due to lower offshore revenue.

Keppel Corporation reported that its net profit declined 2% year-on-year to $397m in the second quarter.

Revenue from its core offshore & marine division declined by $482m in the second quarter, mainly because of
a lower volume of work and deferment of some projects.

Revenue from its Infrastructure Division also declined by $212m, due to lower revenue from Keppel Infrastructure’s power generation plant, lower revenue from the Engineering, Procurement and Construction projects, as well as absence of revenue from Keppel FMO, which was disposed in the fourth quarter.

Meanwhile, revenue from its property division improved by $83m to $431m during the quarter, mainly from higher revenue from China, which was partly offset by lower revenue from Singapore.

“We remain confident of the long-term fundamentals of our chosen industries. Leveraging the Group's robust financial position, we will weather the headwinds and position ourselves to build strong business verticals and seize growth opportunities,” said KepCorp CEO Loh Chin Hua.

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