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Keppel Corp's Q2 profit down 22% to S$160m

Thursday, July 20, 2017 - 17:52

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Rigbuilding and property firm Keppel Corporation on Thursday reported a net profit of S$160 million for its second quarter ended June 30, 2017, down 22 per cent from S$206 million a year ago. Revenue fell 4.4 per cent to S$1.55 billion.

RIGBUILDING and property firm Keppel Corporation on Thursday reported a net profit of S$160 million for its second quarter ended June 30, 2017, down 22 per cent from S$206 million a year ago. Revenue fell 4.4 per cent to S$1.55 billion.

Higher profit contributions from the property and investments divisions during the quarter were offset by lower contributions from the offshore and marine, and infrastructure divisions.

For the first six months of the year, net profit was up one per cent to S$420.6 million, while revenue fell 16.8 per cent to S$2.8 billion.

Loh Chin Hua, Keppel Corporation chief executive officer, noted that recurring income contributed S$150 million or 36 per cent of the group's net profit for the first six months of 2017.

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"We remain focused on improving the overall quality of our earnings," he said.

A tax exempt one-tier interim dividend of eight cents per share has been declared.

Keppel last traded at S$6.53, up one cent.

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