Keppel Corp posts 23.7% rise in Q1 earnings

A Keppel Corp employee looks out towards jack up rigs.
A Keppel Corp employee looks out towards jack up rigs.PHOTO: BLOOMBERG NEWS

SINGAPORE - Keppel Corporation saw a 23.7 per cent boost in first-quarter earnings, lifted by a higher contributions from the infrastructure and investments divisions.

The group on Thursday posted a net profit of S$260.4 million for the three months to Mar 31, up on the S$210.6 million from the same quarter a year earlier.

But revenue slid 28.4 per cent to S$1.25 billion, dragged down by the offshore and marine division, where turnover decreased by S$335 million to S$483 million due to lower volume of work. The property division saw revenue drop 48 per cent to S$262 million due mainly to lower revenue from China and Singapore.

Meanwhile, revenue from the infrastructure division grew by S$77 million to S$467 million as a result of increased sales in the power and gas business. Earnings per share came in at 14.3 cents, up 24 per cent on the 11.6 cents previously. Net asset value per share stood at S$6.48 as at Mar 31, a marginal 0.9 per cent higher than the S$6.42 as at Dec 31 last year.

Keppel shares finished nine cents or 1.4 per cent lower at S$6.55 on Thursday, before the results were released.