Keppel Corp's first quarter net profit drops 56% to $331 million

Keppel Corp has announced that its net profit for the first quarter fell 56 per cent from the same period a year ago to $331 million, in the absence of one-time gains from the sale of Reflections at Keppel Bay units, which were recognised in the firm's first-quarter results last year.

Revenue dipped 35.3 per cent year-on-year to $2.76 billion.

"This quarter's results are consistent with what we have been saying since early 2012, and that is: we do not expect to repeat 2012's results in 2013," said Keppel chief executive Choo Chiau Beng.

"Nevertheless, looking ahead, the industry fundamentals for Keppel's business remain compelling. We will continue to sharpen our performance and position the group to capture growth and value in our market segments."

Earnings per share for the quarter stood at 18.4 cents, down from 41.9 cents a year ago.