Friday, October 19, 2012

Keppel net profit jump

Keppel Corporation announced net profit for the first nine months of this year improved 47% to S$1,618 million, compared to a year ago.

Third quarter net profit, however, fell 15% to S$346 million from 3Q 2011.

Mr Choo Chiau Beng, Chief Executive Officer, said "The volatile global economy showed signs of further weakness with lingering EU debt problems. In the US, slow employment growth and risks of a potential fiscal cliff have raised doubts about the sustainability of its recovery.

"In Offshore & Marine, E&P spending remains buoyant, supported by sustained Brent oil prices of above US$100 per barrel. Oil companies have strong impetus to continue sanctioning projects. Recent discoveries in the North Sea, as well as deepwater Mexico and both coasts of Africa, have also fueled optimism for further exploration work.

"In the third quarter, Keppel Offshore & Marine secured $7.3 billion in new orders across Brazil, Kazakhstan and Singapore. This brings our net orderbook to $13.1 billion as at end September with work extending to 2019. As I had emphasised in the first half of this year, we remain resolved in executing our backlog of projects well, while sharpening our technology edge at the same time."

Published : October 19, 2012

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