Singapore's Keppel Corp on Thursday reported a 23 percent rise in its first-quarter profit as improved earnings from the infrastructure and investments divisions helped offset weakness in its offshore and marine business.
Keppel reported a net profit of S$260 million ($186.17 million) for the quarter ended March, versus S$211 million a year ago. Total revenue fell 28.4 percent to S$1.25 billion.
This comes after Keppel posted its smallest annual profit in a decade in 2016. The conglomerate and its rival Sembcorp Marine Ltd h
ave been suffering from an oversupply of offshore oil drilling rigs, with customers delaying contracts and refraining from placing orders while oil prices linger
at about half their 2014 peak.
Reporting by Himani Sarkar