1QFY2020 results

The plunge in the group’s bottom line figures for the quarter under review comes amid government-mandated lockdowns in China which had adversely impacted the group’s productions for a few weeks. This led to a 44% plunge in revenue for the group.

Keppel CEO Loh Chin Hua says that the group’s businesses have inevitably been affected by a myriad of factors - including the fall in global economic activity, lockdowns in various countries and disruptions to the workforce and supply chains.

This came on the back of a 179% increase in revenue to $146.8 million from $52.7 million in 1QFY2019, due to increased orders from its main customer of 18 years, Intel.

Property developer First Sponsor Group reported earnings of $24.9 million for 1Q2020 ended March, 4.8% higher than the $23.8 million reported in 1Q2019.

While the manager of Keppel REIT says the Covid-19 pandemic presents unprecedented challenges to the business community, the REIT is looking to maintain stable and sustainable distributions to unitholders.