Keppel Corp posts 5.1% drop in Q1 net profit

KEPPEL Corporation yesterday reported a 5.1 per cent decrease in net profit to $338.7 million for its first quarter ended March 31, 2014, compared to $357 million a year ago.

Excluding one-off gains from the reversal of provision from the sale of a power barge and write-back of tax provision made by Keppel Land in the first quarter of 2013, the group said that its net profit for the first quarter of 2014 was largely in line with that of a year ago.

The group's revenue of $2.99 billion was $237 million or 8.6 per cent more than the same quarter in 2013, due mainly to higher revenue recognition from ongoing offshore & marine (O&M) projects.