Keppel's Offshore & Marine 3Q 2013 Net Profit Down 11% to $173M

Keppel Corporation reported Thursday that net profit from its offshore and marine segment declined 11 percent to $173.4 million (SGD 215 million) in the third quarter from the previous year's to $194.4 million (SGD 241 million) amid lower revenue, which dipped 31 percent to $1.238 billion (SGD 1.535 billion) from $1.793 billion (SGD 2.223 billion).

"Offshore & Marine reported lower profit for the quarter because of the reduced revenue. However, operating margin was higher at 16.5 percent compared to 12.9 percent for the third quarter of 2012," Keppel Corporation's Chief Financial Officer Low Chin Hua said after the company released its third quarter results.

The offshore and marine segement however remains the largest contributor to the company's net profit, accounting for 53 percent in 3Q 2013, compared to 72 percent a year ago.

Keppel received $1.532 billion (SGD 1.9 billion) new orders in the third quarter, bringing the total for the year to date to about $4.03 billion (SGD 5 billion). The company's net orderbook reached $10.97 billion (SGD 13.6 billion) at the end of 3Q 2013, with deliveries extending into 2019.

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