Associated firms boost Keppel Q1 bottom line

Singapore

DESPITE a 28.4 per cent fall in group revenue to S$1.25 billion, Keppel Corporation emerged from the first quarter with a 23.7 per cent rise in net profit to S$260.4 million.

This comes as the conglomerate's share of results of associated companies for the three months ended March 31, 2017, shot up to S$170.3 million, from S$13.7 million a year ago. Keppel attributed the surge to higher contribution from associated firms in the investment and property divisions.

While the offshore and marine (O&M) segment continued to struggle in Q1, the investment segment recorded a net profit of S$125.3 million, against a loss of S$4.4 million a year ago.

"Besides actively seeking new investment opportunities, Alpha Investment Partners also focuses on divestment activities to lock in and deliver returns to its investors. During the first quarter, Alpha-managed funds divested a total of four assets…