Fourth quarter earnings rise 9% at Keppel Corp

RIGBUILDER Keppel Corp on Thursday reported a 9 per cent growth in fourth quarter earnings thanks to more deliveries and new rig jobs.

Net profit was $332 million for the three months to Dec 31 , up from $305 million a year ago.

Keppel said that all divisions posted higher net profits, except for infrastructure because of cost overrun resulting in the higher losses.

Revenue for the quarter was 20 per cent higher at $3.598 billion.

Keppel is the world's largest rigbuilder and is also in the infrastructure and property businesses.

It said that full-year net profit fell 26 per cent to $1.412 billion. This was because the previous year's earnings were boosted by the recognition of sale of units at Reflections at Keppel Bay, and higher gains from disposals of equity investments.

Revenue for the year fell 11 per cent to $12.38 billion.

Full-year earnings per share were $1.02, down from $1.25 in 2012. Net asset value per share was $5.37 at Dec 31, down from$5.14 a year ago.

Keppel declared a final dividend of 30 cents per share, adding on to the interim dividend of 10 cents per share which had earlier been paid out.

For 2012 the final dividend was 27 cents and the interim dividend was 18 cents.

In both 2013 and 2012 the company had also distributed Keppel Reit units to its shareholders, as dividends in specie.