Singapore-listed Keppel T&T posts 45.3 per cent drop in second quarter earnings

SINGAPORE - Keppel Telecommunications & Transportation (Keppel T&T) has posted a 45.3 per cent drop in second-quarter earnings to $10.3 million.

Revenue for the three months ended June 30 slipped 5.1 per cent to $47.6 million on weaker contributions from the logistics division, as well as the sale of the 90 per cent interest in Keppel DC Singapore 3 to Keppel DC Reit in January and the 50 per cent stake in Keppel DC Reit Management to Keppel Capital in July last year.

Net profit for the half year to June 30 sank 32 per cent to $21.9 million, while revenue fell 10.3 per cent to $88.3 million.

Earnings per share for the quarter slumped 47.1 per cent to 1.8 cents, while net asset value per share was $1.42 as at June 30, marginally down from $1.43 as at Dec 31, 2016.

Keppel T&T shares closed 3.2 per cent lower at $1.66 on Wednesday, before the results were released.