Keppel Corp's Q4 profit plunges 65% to S$143m

KEPPEL Corporation posted a fourth-quarter net profit of S$143 million, down 65 per cent from a year ago due largely to lower contributions from and additional provisions for impairment tied to the offshore and marine division.

Earnings per share were 7.9 Singapore cents, down from 22.3 Singapore cents.

Keppel disclosed additional provisions for impairment during the quarter of S$313 million mainly arising from the rightsizing of Keppel Offshore & Marine and impairments of investments and work-in-progress.

Revenue for the fourth quarter ended Dec 31, 2016, was S$1.94 billion, down 21.8 per cent cent from last year.