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Keppel T&T Q4 profit slumps 93.1% on lower fair value gain on data centre properties
KEPPEL Telecommunications & Transportation (Keppel T&T) on Wednesday posted a 93.1 per cent plunge in its net profit for the fourth quarter, dragged down by a lower fair value gain on data centre investment properties and share of profits from associated companies.
Net profit for the three months ended Dec 31, 2016, stood at S$3.08 million, compared to S$44.5 million a year ago. Revenue slipped 5.5 per cent to S$49.7 million.
"The outlook for trade and consumption in Asia remained challenging given the slow pickup in China, weak recoveries in advanced economies and uncertainties in the global macroeconomic landscape. These factors are expected to weigh in on the logistics industry's prospects," it said.
"Growth in the data centre industry is expected to remain strong with the proliferation of cloud computing, big data and digitalisation. . . The division remains optimistic on its long-term prospects and is actively seeking to grow its asset pipeline."
The group declared a final dividend of 4.5 Singapore cents per share.