Of the total loss, about $67 million was due to the fair value losses on Seatrium’s shares. Another $34 million was from Keppel’s associates, Floatel and Dyna-Mac, while the remaining $108 million was attributed to vendor notes, said CFO Kevin Chng at Keppel’s results briefing on Aug 1. He adds that Seatrium’s shares, which are “relatively volatile”, have done “very well” over the last couple of weeks. As at Seatrium’s closing price of $1.68 on July 31, Keppel would have had a return of $21 million instead.
Keppel has reported a net profit of $304 million for 1HFY2024 ended June 30, 91.6% lower compared to the $3.6 billion in the corresponding period a year ago. Last year’s earnings included $3.2 billion from discontinued operations, mainly thanks to the $3.3 billion gain netted from the sale of Keppel Offshore & Marine (O&M).
Net profit from continuing operations for 1HFY2024, however, was still down by 31.6% y-o-y due to Keppel’s legacy O&M assets, which saw a deeper loss of $209 million compared to $36 million in 1HFY2023.
