Keppel T&T posts 30% drop in full year earnings to $55.5m

KEPPEL Telecommunications & Transportation (Keppel T&T) today reported a 30.2 per cent drop in net profit to $55.5 million.

This was despite its revenue rising by 16.4 per cent to $137.5 million for the year ended Dec 31.

The fall in bottomline was largely due to a 92.8 per cent decrease in other income to $1.9 million, due to the absence of gain on disposals of investments, lower dilution gain in an associated company and sundry income.

In 2011, other income comprised largely a one-time gain on disposals of Wuhu Annto and non-core businesses.

Earnings per share shrank to 10 cents from 14.4 cents previously while net asset value per share increased by six cents to 77 cents.

An unchanged final dividend of 3.5 cents a share was proposed.

Looking ahead, Keppel T&T said it is focused on maintaining high occupancy rates for its logistics facilities in South East Asia and China.

It will execute major expansion projects, such as Wuhu Sanshan Port, Jilin Food Logistics Park and Lu'an Logistics Park, in China.

The recent entry into the Indonesia logistics market will help to expand the group's geographical footprint in the region.

Meanwhile, demand for the group's data centre services remains strong.

The Securus Data Property Fund has completed its second round of capital raising exercise and is now well positioned to acquire more assets.

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