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Keppel Corporation 9M15 Net Profits Dip 3.4%
Keppel Corporation has announced a 9M15 net profit of $1.12 billion, a dip of 3.4 percent from the net profit of $1.16 billion last year, on the back of a drop in revenue.
Revenue saw a slip of 16.5 percent to $7.82 billion due to a decline in contributions from the Offshore & Marine Division caused by lower volume of work and deferment for some projects. Revenue from the Property Division increased by $349 million mainly from higher revenue from China and Vietnam, partly offset by lower revenue from Singapore.
Furthermore, there was a massive contraction of $665 million from the Infrastructure Division as a result of a drop in revenue recorded by the gas to power business from lower prices and volume, as well as absence of revenue from Keppel FMO, which was disposed in 4Q14.
However the group was able to mitigate the impact of the loss in revenue through divestment gains from disposals of Equity Plaza and Prudential Tower in 3Q14, as well as the gain from disposal of 51 percent interest in Keppel Merlimau Cogen and dilution re-measurement gain from the combination of Crystal Trust and CitySpring Infrastructure Trust to form the enlarged Keppel Infrastructure Trust.
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