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CORRECTED-Singapore's Keppel Corp posts 9% drop in full-year profit

Reuters SG
Updated ·1-min read

(Corrects first paragraph to say profit hurt by "provisions" for certain projects at Keppel's Offshore & Marine U.S. yard, NOT "decrease in provisions")

Feb 2 (Reuters) - Singapore's Keppel Corp said on Thursday its net profit for the year fell 9%, partly hurt by weak performance from its urban development business and provisions for certain projects at its Offshore & Marine U.S. yard.

The conglomerate's net profit dropped to S$927 million (nearly $710 million) for the year ended Dec. 31 from S$1.02 billion, a year ago.

That also missed analysts' average estimate of S$948.70 million, according to Refinitiv IBES. ($1 = 1.3060 Singapore dollars) (Reporting by Roushni Nair in Bengaluru; Editing by Savio D'Souza)