Keppel's 1Q earnings up 34% to $337.5 mil on divestment gain

SINGAPORE (Apr 19): Keppel Corp reported 1Q18 earnings of $337.5 million for the 1Q ended March, up 33.7% from $252.5 million a year ago on one-off divestment gain and higher contributions from the Property division.

Revenue for 1Q18 grew 17.8% to $1.47 billion from $1.2 billion a year ago, underpinned by higher contributions the Property and Infrastructure divisions which mitigated the impact of lower work volume in the Offshore & Marine (O&M) division.

The Property division was the largest contributor to the group’s topline this quarter, with revenue doubling to $543 million due mainly to higher sales in China and Singapore. This resulted in a 298% on-year growth in the division’s net profit to $378 million, which was also due mainly to a gain on divestment of the group’s stake in Keppel China Marina Holdings.  

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