April 19, 2018 / 9:33 AM / a year ago

Singapore's Keppel Q1 profit rises 34 pct on divestment gain

SINGAPORE, April 19 (Reuters) - Singapore’s Keppel Corp posted a 34 percent rise in first-quarter profit, boosted by a divestment gain and higher contributions from property trading in Singapore and China.

Keppel, whose businesses range from rig-building to property development, posted a net profit of S$337 million ($257 million)for the quarter ended March, versus S$252 million a year-ago.

Earnings included a divestment gain of S$289 million from the sale of its stake in a Chinese marina development.

Total revenue rose 18 percent to S$1.47 billion.

Keppel had posted a net loss for the quarter ended December 2017, its first such loss in 14 years, after accounting for a huge fine its rig-building unit agreed to pay to resolve investigations into charges it bribed Brazilian officials. ($1 = 1.3095 Singapore dollars) (Reporting by Aradhana Aravindan; Editing by Himani Sarkar and Biju Dwarakanath)

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