Keppel posts 41.5% drop in Q1 earnings

Keppel Corporation's offshore and marine business has reported a 41.5 per cent drop in their first-quarter earnings.
Keppel Corporation's offshore and marine business has reported a 41.5 per cent drop in their first-quarter earnings. PHOTO: REUTERS

SINGAPORE - The weakness in Keppel Corporation's offshore and marine business continued to be a drag on the group's first-quarter earnings, which tumbled 41.5 per cent.

The conglomerate announced on Monday that net profit for the three months to Mar 31 came in at S$210.6 million, down from the S$360.2 million in the same period a year ago.

Revenue sank 38.1 per cent to S$1.74 billion, as contributions from the property division partially offset lower sales in the offshore and marine, infrastructure and investment divisions.

Keppel said the higher contribution from its property division, at 47 per cent, helped to partially offset lower profits from offshore and marine.

Earnings per share was 11.6 cents, down 41.4 per cent from the 19.8 cents previously. Net asset value per share stood at S$6.22 as at the end of the quarter, up 1.5 per cent from the S$6.13 as at Dec 31.

The group said its offshore and marine division has secured S$200 million of new orders to date, and has a net order book of S$8.6 billion.

Keppel shares closed 12 cents or 2 per cent down at S$6 on Monday, before the results were announced.

tsjwoo@sph.com.sg