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Keppel T&T Q4 earnings rocket 456.4% on fair value gains
FAIR value gains from the reclassification of an associated firm helped send earnings at Keppel Telecommunications & Transportation (Keppel T&T) up by more than four times during the fourth quarter.
The firm on Wednesday posted a net profit of S$17.1 million for the three months ended Dec 31 - 456.4 per cent higher than the S$3.1 million from the same period a year earlier.
The improvement was also driven by the disposal of an associated company, said Keppel T&T, although it added that gains were offset by lower contributions from the logistics division and Keppel DC Singapore 3 (KDC SGP 3), of which a 90 per cent stake was divested to Keppel DC Reit in January last year.
Revenue slid 12.1 per cent to S$43.7 million, due mainly to lower warehousing revenue from the logistics division and the absence of revenue from the disposal of KDC SGP 3 and Keppel DC Reit Management.
Net profit for the full year to Dec 31 dropped 50.7 per cent to S$51.8 million, while revenue was down 9.1 per cent to S$177 million.
For the quarter, earnings per share shot up 416.7 per cent to 3.1 Singapore cents. Net asset value per share rose 4.9 per cent to S$1.50 as at Dec 31, compared with S$1.43 as at the same time a year ago.
Keppel T&T has proposed a final dividend of 3.5 Singapore cents per share, 22.2 per cent lower than the 4.5 Singapore cents last year.
The stock closed 0.6 per cent or one Singapore cent higher at S$1.70 on Wednesday, before the results were announced.