Keppel Corp Q1 profit drops, hit by offshore and marine segment

Keppel Corp Q1 profit drops, hit by offshore and marine segment

SINGAPORE - Singapore conglomerate Keppel Corp posted a 41 per cent fall in quarterly profit, its fourth straight decline, as offshore and marine segment revenue slumped because of the deferment of some projects and suspension of contracts related to Sete Brasil.

Keppel, one of the world's largest builders of offshore drilling rigs, has been hit by the 60 per cent drop in oil prices since mid-2014. Its businesses include property development and infrastructure.

Keppel posted net profit of S$211 million for the three months to March 31.

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