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Keppel's profit down 22.1% to $160.3m in Q2

Singapore Business Review
Keppel’s profit down 22.1% to $160.3m in Q2

Its O&M division also performed poorly and lost $60m.

Keppel Corporation struggled to keep their records up as their profits for the second quarter reached only $160.3m, a 22.1% drop from last year's.

According to the group’s quarterly report, its Offshore and Marine (O&M) division had a net profit of $1.4m, far from last year's $61.4m, no thanks to cost-cutting and downsizing.

In a statement, Keppel Chief Executive Officer Loh Chin Hua said, "Rightsizing efforts undertaken by Keppel O&M helped to achieve an operating profit of $36m, but it was not sufficient to cover higher financing costs for the enlarged working capital."

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Meanwhile, OCBC Investment Research reported that the group’s profits from its other divisions continued to rise steadily. Keppel gained $96.6m profit from properties and $24.6m from infrastructure.

OCBC added that the company retained its dividend of 8 S-cents per share, which was similar to last year's amount.



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