Keppel T&T 4Q net profit down 77.6% due to one-off divestments in preceding year

SINGAPORE - Data centre and logistics provider Keppel Telecommunications & Transportation reported fourth-quarter net profit of S$44.5 million, a 77.6 per cent plunge over the corresponding period a year ago.

This mainly because the company divested two data centre properties to Keppel DC Reit in December 2014, which contributed to a one-off increase in earnings back then.

Revenue for the three months ended Dec 31 was S$52.6 million, down 25.8 per cent over the corresponding period a year ago.

This brought full-year net profit to S$91.5 million, down 62.9 per cent over the preceding year, while full-year revenue was 10.7 per cent lower at S$200.6 million.

Earnings per share for the fourth quarter was 8.0 cents, from 35.8 cents in the same quarter a year ago. Earnings per share for the full year came in at 16.5 cents.

Net asset value per share was S$1.30 at the end of 2015, up from S$1.27 the preceding year.

The company is recommending a final dividend of 3.5 cents per share, for approval by shareholders at the next annual general meeting.