Keppel’s Q1 revenue down 6.3% to S$1.5 billion; legacy O&M assets a drag on net profit

Net profit down; but if these legacy assets were excluded, it would be up, driven by stronger performance in the infrastructure and connectivity segments

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Uma Devi

Published Thu, Apr 25, 2024 · 09:01 AM

Keppel will continue to pursue opportunities in areas such as renewables, clean energy and decarbonisation solutions. PHOTO: REUTERS

KEPPEL reported on Thursday (Apr 25) a 6.3 per cent fall in revenue to S$1.5 billion for the quarter ended Mar 31, compared to S$1.6 billion in the previous corresponding period.

The global asset manager and operator attributed the “comparable” year-on-year revenue to increases in the contributions from infrastructure and connectivity offsetting lower revenue from the real estate segment.

Net profit for the quarter was down on the year, said the group without disclosing its net profit figure.

Keppel Financial results