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Divestments take Keppel T&T's Q2 profit down 45% to S$10.3m
LOGISTICS and data centre company Keppel Telecommunications & Transportation (Keppel T&T) on Wednesday reported a net profit of S$10.3 million for its second quarter, 45 per cent less than the S$18.8 million a year ago.
Revenue for the three months ended June 30, 2017, was down 5.1 per cent to S$47.6 million, from S$50.2 million a year ago. This was mainly due to weaker logistics revenue, the divestment of data centre assets to Keppel DC Reit in January, as well as the divestment of a stake in Keppel DC Reit's manager to Keppel Capital last July.
Net profit fell as a result of lower revenue combined with higher operating expenses, as well as a lower share of results from associates and joint ventures.
Keppel T&T last traded at S$1.66, down 5.5 cents or 3.2 per cent.