Keppel Q4 profit tumbles; group makes S$230m Sete Brasil provision

Singapore

KEPPEL Corporation posted a 44.2 per cent fourth-quarter decline to S$404.78 million in profit attributable to shareholders, mainly driven down by a S$230 million provision for the default risks tied to a US$4.9 billion rig construction contract with the financially-stricken Sete Brasil.

Revenue for the three months ended Dec 31, 2015 was down 36.8 per cent at S$2.48 billion.

The quarter saw "other operating income" fall to S$32.1 million from S$3…