Keppel Corp's profit falls 5% in absence of one-off gain

First quarter net profit at Keppel Corporation fell 5.1 per cent to $338.7 million, the company said on Wednesday.

The decrease was because the profit figure from a year ago was boosted by some accounting one-off gains.

Net profit for the quarter would have been largely in line with a year earlier excluding these gains, said Keppel, the world's largest offshore drilling rig builder.

Revenue rose 8.6 per cent to $3 billion.

The turnover from the offshore and marine division grew by $217 million to $1.92 billion due mainly to higher revenue recognition from ongoing projects.

Major jobs completed and delivered during the quarter included a jack-up rig and the upgrade of an floating production, storage and offloading unit.

Revenue from the infrastructure division fell by $21 million to $736 million, while the property division's revenue rose by $32 million to $330 million.

The increase of property revenue from China was partially offset by lower contributions from Singapore, said Keppel.