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.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- FPSO Armada Kraken on Track for North Sea Deployment (Aug 29)
- Bumi Armada's LNG FSU Leaving Singapore Soon to Work for EletroGas Malta (Aug 11)
- McDermott, N-KOM Signs MOU to Jointly Pursue EPCI Projects Offshore Qatar (Jul 27)