Keppel Corp profit falls 21 percent in Q2

Net profit fell to S$161 million in the three months ended June 30.

keppel
A Keppel FELS employee looks at their semi-submersible accommodation rig during a delivery ceremony to Floatel at their shipyard in this Singapore. REUTERS

Singaporean conglomerate Keppel Corp on Thursday reported a 21 percent fall in second-quarter profit, hurt by lower revenue from its offshore and marine business.

Group's net profit fell to S$161 million in the three months ended June 30 compared with S$205 million in the corresponding period a year earlier.

Revenue declined 4 percent to S$1,554 million.

Revenue from the offshore & marine division declined $271 million to $449 million because of
lower volume of work, the company said in a statement.

Offshore and marine division helps design and build high-performance mobile offshore rigs. It also repairs, converts and upgrades a diverse range of vessels. The business contributes nearly 30 percent to the group revenue.

Keppel Corp declared an interim cash dividend of 8 cents per share.

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