Keppel Q3 net profit falls 9.5%, hit by curbs on properties in Singapore, China

A Keppel FELS yard in Singapore. Property curbs in Singapore and China dragged down third quarter net profit at conglomerate Keppel Corp, which also builds oil rigs and infrastructure projects around the world. -- PHOTO: KEPPEL CORPORATION
A Keppel FELS yard in Singapore. Property curbs in Singapore and China dragged down third quarter net profit at conglomerate Keppel Corp, which also builds oil rigs and infrastructure projects around the world. -- PHOTO: KEPPEL CORPORATION

SINGAPORE - Property curbs in Singapore and China dragged down third quarter net profit at conglomerate Keppel Corp, which also builds oil rigs and infrastructure projects around the world.

Earnings for the three months ended Sept 30 declined 9.5 per cent over the same quarter last year to reach $414.2 million.

The lower profit contribution from the company's property division was offset by better performance in the offshore and marine and investments divisions, Keppel chief executive Loh Chin Hua said in a statement on Tuesday.

Revenue for the quarter was up 8.1 per cent over last year at $3.2 billion.

While the offshore and marine segment saw takings increase as a result of higher revenue recognition from ongoing projects, revenue contributed by the property Division fell mainly owing to a decline in Singapore and China sales over the same quarter last year, the company said.

Earnings per share for the third quarter came in at 22.9 cents, down from 25.3 cents in the same quarter last year.

Net asset value per share was $5.53 as at Sept 30, up from $5.37 as at Dec 31 last year.