SINGAPORE (July 19): Keppel Corporation reported a 38% rise in 1H18 earnings to $583 million from $423 million a year ago as stronger contributions from the property and infrastructure divisions which more than offset losses incurred by the offshore & marine (O&M) and investments divisions.
The O&M division incurred a net loss of $40 million for 1H18, compared to a net profit of $11 million a year ago, due mainly to lower operating results, lower share of associated companies’ profits, higher taxes in overseas operations, as well as the absence of gain from divestment of Keppel Verolme in 1H17.
As at end June, the O&M division won new contracts worth over $1.2 billion, higher than the total value of new orders secured in FY17. The division continues to pursue new markets and opportunities in the areas of gas, floating infrastructure and offshore renewables.
