October 18, 2018 / 9:31 AM / a month ago

Singapore's Keppel posts 15 pct fall in Q3 profit

SINGAPORE, Oct 18 (Reuters) - Singaporean conglomerate Keppel Corp on Thursday posted a 15 percent fall in its third-quarter net profit, hurt by lower contributions from its investments and property divisions.

Keppel, whose businesses range from rig-building to property development, posted a net profit of S$226 million ($164 million) for the quarter ended September, versus S$265 million a year-ago.

Total revenue for the quarter stood at S$1.3 billion, a 20 percent fall from a year ago.

Higher revenue recognition from ongoing offshore and marine projects and increased power and gas sales were offset by lower contributions from property trading, asset management, as well as the absence of the sale of investments, the company said in a statement. ($1 = 1.3773 Singapore dollars) (Reporting by Aradhana Aravindan; Editing by Vyas Mohan)

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