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Keppel Corp's Q3 profit up 30%

Higher contributions from across all businesses other than the offshore and marine division sent earnings up 30 per cent at Keppel Corp in the third quarter.

Net profit for the three months to Sept 30 came in at $291.8 million, higher than the $224.5 million in the same period a year earlier.

Revenue climbed 10.8 per cent to $1.62 billion.

The improved performance was thanks to higher profits from China and Vietnam property trading, the power and gas and asset management businesses, as well as the sale of investments.

This more than offset lower contributions from the offshore and marine division and associated companies, said Keppel in a statement yesterday.

Net profit for the nine months to Sept 30 rose 11.2 per cent to $712.5 million, even as revenue slid 8.5 per cent to $4.42 billion.

During the quarter, the offshore and marine division recorded a 26 per cent drop in revenue to $380 million on lower volume of work and the deferment of some projects.

Turnover from the property division rose 14 per cent to $546 million on the back of higher sales in Vietnam, though partly offset by lower revenue from Singapore.

Revenue from the infrastructure jumped 44 per cent to $626 million, while investments turnover rocketed 117 per cent to $65 million.

Earnings per share shot up 29 per cent to 16 cents, while net asset value per share was up 2.2 per cent to $6.56 as at Sept 30, compared with $6.42 as at Dec 31 last year.

Keppel shares closed 1.5 per cent or 11 cents lower at $7.02 yesterday, before the results were out. - THE STRAITS TIMES

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