October 17, 2013 / 9:40 AM / 6 years ago

Keppel Corp Q3 net profit rises 32 pct on property earnings

SINGAPORE, Oct 17 (Reuters) - Singapore’s Keppel Corp , the world’s largest builder of offshore oil rigs, on Thursday posted a 32 percent rise in third-quarter net profit as higher contributions from property offset a drop in earnings from rigs.

The company, whose biggest shareholder is Singapore state investor Temasek, earned S$457.6 million ($367.71 million) in the three months ended Sept. 30 compared with S$346.4 million in the same period a year earlier.

Excluding gains from revaluation, impairment and divestments, Keppel’s net profit rose 20 percent to S$403 million.

Keppel’s offshore and marine arm order book stood at S$13.6 billion as at end-September, up from S$13.1 billion at the end of June.

Keppel Land, the group’s property unit, on Wednesday reported a 70 percent rise in third-quarter net profit to S$126.4 million, helped by the completion of more projects in China.

The developer sold about 3,070 housing units in China during the first nine months of 2013, more than three times the 970 units sold over the same period last year.

$1 = 1.2445 Singapore dollars Reporting by Kevin Lim; Editing by Christopher Cushing

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