Singapore's Keppel Corp says Q1 net profit falls 56%

SINGAPORE (REUTERS) - Singapore's Keppel Corporation Ltd, the world's largest offshore oil rig builder, reported a 56 per cent drop in quarterly net profit from a year earlier to S$331 million, in the absence of one-time gains from sales of its Reflections at Keppel Bay units.

The conglomerate, which has businesses in property, telecommunications and infrastructure, said revenue in the three months ended March 31 fell 35.3 per cent from a year earlier to S$2,758 million.