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Keppel T&T Q1 profit up 2% despite decline in revenue

DATA centre and logistics provider, Keppel Telecommunications & Transportation (Keppel T&T), on Tuesday reported a 2 per cent increase in net profit to S$15.8 million for the first quarter ended March 31. The increase came despite a similar 2 per cent decline in revenue to S$47.9 million from the S$48.7 million recorded one year ago.

The company's earnings per share (EPS) remained unchanged at 2.8 Singapore cents while NAV (net asset value) per ordinary share increased by 3 per cent to $1.31 per share.

According to the company, revenue was down mainly due to lower revenue from the Data Centre Division which was, however, partly offset by higher revenue from Logistics Division.

The company's operating profit was lower by S$1.1 million due largely to absence of contribution from the two data centre properties disposed in December 2014 but again this was partly offset by a gain from disposal of fixed assets.

Profit before taxation of S$21.8 million increased by S$600,000 due to higher share of results from associated companies and this was partly offset by lower operating profit. After taking into account higher taxation and non-controlling interests, the the company's net profit went up by S$400,000 to S$15.8 million.