Company Briefs: Keppel T&T

Keppel T&T

Fair value gains from the reclassification of an associated firm helped send earnings at Keppel Telecommunications & Transportation (Keppel T&T) up by more than four times during the fourth quarter.

The firm posted a net profit of $17.1 million for the three months ended Dec 31 - 456.4 per cent higher than the $3.1 million in the same period a year earlier.

The improvement was also driven by the disposal of an associated company, said Keppel T&T, although it added that gains were offset by lower contributions from the logistics division and Keppel DC Singapore 3 (KDC SGP 3), of which a 90 per cent stake was divested to Keppel DC Reit in January last year.

Revenue slid 12.1 per cent to $43.7 million, due mainly to lower warehousing revenue from the logistics division and the absence of revenue from the disposal of KDC SGP 3 and Keppel DC Reit Management.

Net profit for the full year to Dec 31 dropped 50.7 per cent to $51.8 million, while revenue was down 9.1 per cent to $177 million.

Keppel T&T has proposed a final dividend of 3.5 cents per share, 22.2 per cent lower than the 4.5 cents it declared for 2016.

Mapletree Commercial Trust

Retail landlord Mapletree Commercial Trust posted a 1.3 per cent increase in income available for distribution to $66.5 million for its third quarter ended Dec 31.

Distribution per unit (DPU) rose to 2.3 cents, up from 2.28 cents a year ago. This will be paid on Feb 28.

Revenue for the quarter rose 0.8 per cent to $109.7 million, while net property income rose 1.9 per cent to $86 million, mainly due to higher contributions from VivoCity and Mapletree Business City 1, thanks to step-up rents in their existing leases, as well as higher rental income following the completed renovations at VivoCity.

Revenue for PSA Building and Mapletree Anson fell slightly, mainly due to lower occupancy in the quarter, despite step-up rents in existing leases as well.

The latest distribution brings the nine-month DPU to 6.77 cents, up 6.4 per cent from the previous corresponding period.

A version of this article appeared in the print edition of The Straits Times on January 25, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe