KEPPEL Corp posted a 9 per cent year on year rise in fourth-quarter net profit to $332 million with its offshore & marine division leading growth, and despite the ballooning of losses at its infrastructure division to $111 million.

The figures for the three months ended Dec 31, 2013, exclude revaluation, major impairment and divestments.

Group net profit for the full year (FY13) was down 26 per cent at $1.41 billion, also excluding revaluation, major impairment and divestments. This was 6 per cent below market consensus estimates of $1.5 billion. Management highlighted that the decline was due to the absence of one-time gains from the sale of apartments at its Reflections at Keppel Bay in FY12.