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FINWIRES

Keppel Reports Lower Net Profit in Q1; Shares Down 4%

-- Keppel (SGX:BN4) said its net profit for the New Keppel, which excludes non-core portfolio for divestment and discontinued operations, was slightly lower year over year in Q1, according to a Thursday filing with the Singapore Exchange.

Lower contributions from the real estate segment offset strong performances from the infrastructure and connectivity divisions.

However, recurring income improved marginally, backed by higher operational income and stable asset management profit.

Year-to-date, the asset manager has completed and realized asset monetization of around SG$347 million as part of its up to SG$3 billion non-core asset monetization strategy.

Shares of the company were down nearly 4% in Thursday's late-morning trade.

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