Keppel's Q2 profit falls 48.1% to S$205.8m

THE winter in the oil & marine (O&M) sector may be harsh but it will not last forever, Keppel Corporation said on Thursday as it posted a 48.1 per cent fall in net profit to S$205.8 million for the second quarter.

The three months ended June 30 have been tough, said Keppel, but the group's multi-business strategy continues to support its performance amid the challenging environment.

A silver lining is the resilient trend of urbanisation in Asia, buoyed by a growing middle class and continuing rural-urban migration, Keppel Corp's chief executive Loh Chin Hua said at the results briefing. "Whether it is meeting the need for energy, green homes and office buildings, or high-quality infrastructure such as power plants, waste-to-energy plants and data centres, the Keppel Group is well placed to seize growth opportunities by providing solutions for sustainable urbanisation," said Mr Loh.