Keppel Corp reports 44.4% surge in net profit to $246m, 15-cent dividends

Keppel Corp's net profit surged 44.4 per cent to $246.2 million from the previous year.
Keppel Corp's net profit surged 44.4 per cent to $246.2 million from the previous year.PHOTO: AFP

SINGAPORE - Stronger earnings from its property and infrastructure divisions gave a lift to the second-quarter results of Keppel Corporation, which on Thursday (July 19) also announced an interim dividend of 10 cents per share for the first half of the year, plus a special dividend of five cents per share to celebrate the company's 50th anniversary.

This is almost twice as much as the eight cents per share it paid out for the first half of 2017.

The conglomerate's net profit surged 44.4 per cent to $246.2 million from the previous year. For the three months ended June 30, revenue slipped 2 per cent to $1.52 billion from the previous year.

The decrease in revenue was largely due to lower revenue from the property division, which declined by $298 million to $244 million due mainly to lower revenue from Singapore and China property trading, although this was partially offset by higher turnover from its offshore & marine and infrastructure divisions.

Earnings per share rose to 13.6 cents from 9.4 cents in the year-ago period. Net asset value per share climbed to $6.43 as at June 30, from $6.29 as at Dec 31.

Keppel Corp shares closed 11 cents or 1.6 per cent higher at $6.96. The results were announced after market close.