Keppel reports jump in profit

Keppel reports jump in profit
Image courtesy of Keppel

Singapore’s Keppel Corporation reported an 11 percent increase in the nine-month profit year-on-year. 

According to the company’s report, the profit for the first nine months of 2017 was at S$712 million ($522.8), up from the S$641 million for the first nine months of 2016.

Despite the continuing downturn in the offshore business, the Offshore & Marine division was able to break even on the back of contributions from associates and decisive rightsizing efforts.

In the year to date, the division has secured new contracts of about S$1 billion, mainly for newbuild dredgers and LNG-related vessels, as well as the conversion of floating production storage offloading units.

For the third quarter, the company reported a 29 percent jump in profit to S$291 million from S$225 million in the corresponding quarter a year before.

Keppel’s revenue for the nine-month period was  8 percent below that of the corresponding period in 2016, reaching S$4.42 billion, the company said.

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