Losses for Keppel Corp’s offshore and marine division

The Keppel Corporation has reported a net profit of S$583 million (US$426 million) for the first half of 2018, 38 per cent higher than the S$423 million achieved in 2017.

Stronger contributions from the Property and Infrastructure divisions more than offset losses incurred by the Offshore and Marine and Investments divisions in the first half of 2018.

Keppel’s 2018 revenue of S$2,993 million was seven per cent higher than the S$2,802 million for 2017.

Offshore and Marine and Property revenues remained stable year-on-year while Infrastructure revenue grew by 23 per cent to S$1,211 million due to better sales in the power and gas businesses, as well as progressive recognition from the Keppel Marina East Desalination Plant project.

Keppel’s net profit for the second quarter of 2018 was S$246 million, 44 per cent higher than its S$171 million profit in the second quarter of 2017. Group revenue of S$1,523 million was slightly lower than the $1,554 million registered a year ago.