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Keppel’s Q3 profit rises 29%

Keppel’s Q3 profit rises 29%

SINGAPORE: Singapore-listed conglomerate Keppel Corp reported a 29 per cent rise in its third-quarter profit as contributions from its property division and sale of investments helped offset weak performance at its offshore and marine (O&M) business.

Keppel, whose businesses include rig building, property development and infrastructure operations, said net profit for the quarter ended Sept. 30 was S$291 million, compared with S$225 million a year ago. Earnings per share was 16 Singapore cents, up from 12.4 Singapore cents. Third-quarter group revenue rose 11 per cent to S$158 million, with all divisions except O&M having registered higher revenues. This is the first year-on-year increase in quarterly revenues for the conglomerate since Q4, 2014, when a collapse in oil prices sparked off the start of a prolonged downturn for the O&M sector. The group also witnessed the first year-on-year increase in its quarterly operating profit in Q3 FY17. Operating profit for the quarter rose 75 per cent to S$324 million.