Keppel Corp's third-quarter net profit fell 30 per cent to $159 million from a restated $227 million a year ago, led by the absence of gains from divestment of a commercial development in Beijing and higher net interest expense.
These were partly offset by higher contributions from associated companies as well as property trading projects in China and Singapore, said Keppel in its results announcement yesterday.
Revenue jumped 60 per cent to $2.07 billion from $1.3 billion with higher recognition from offshore and marine, property and infrastructure projects, as well as increased sales in the power and gas business and from the consolidation of M1's results.
Revenue from the offshore and marine business rose by $216 million to $632 million, due mainly to higher revenue recognition from ongoing projects.
New contracts secured by this division year-to-date stood at $1.9 billion, with close to 60 per cent of the new orders for LNG and renewables-related projects.
Revenue from the property division rose by $205 million to $385 million due mainly to higher revenue from property trading projects in China, Vietnam and Singapore.
Revenue from the infrastructure business grew by $68 million to $742 million as a result of increased sales in the power and gas business and progressive revenue recognition from the Hong Kong Integrated Waste Management Facility project, while revenue from investments rose by $283 million to $308 million due mainly to the consolidation of M1.
For the three months to September, earnings per share fell from 12.5 cents to 8.8 cents.
SK Jewellery yesterday launched a new line of lab-grown diamonds (LGDs), catering to millennials and changing demands in the diamond industry. The new Star Carat brand features exclusively LGDs, which are a cheaper alternative to mined or natural diamonds.
LGDs, which are chemically, optically and physically identical to their natural counterparts, are authenticated by the same governing body as well. The International Gemological Institute grades LGDs on the same scale and criteria as mined diamonds, and issues certification that prominently states if a gemstone is lab-grown or natural. Star Carat LGDs are slated to retail for as low as half the price of natural diamonds.
SK Jewellery's first-half revenue for the year fell 18.2 per cent compared with first-half 2018, from $87.22 million to $71.38 million. However, net profit attributable to equity holders rose 4 per cent to $2.84 million from $2.57 million.