Singapore’s Keppel Corporation’s net profit soared to S$944 million ($693.9 million), showing a 382 percent rise year-on-year.
Earnings growth for the period was underpinned by stronger performance from across the Offshore & Marine, Property and Infrastructure divisions, the company said in its report.
On a quarterly basis, the company registered a net profit of S$135 million for the fourth quarter of 2018, compared to a net loss of S$492 million for the corresponding quarter in 2017.
The Offshore & Marine (O&M) division registered a net loss of S$109 million for the financial year 2018, an 87 percent improvement over the S$826 million loss for the previous year.
The improved performance for FY 2018 was mainly due to higher revenue, a write-back of provisions for claims and lower net interest expense, partly offset by provisions for expected losses on the contracts with Sete Brasil and other asset impairments.
In 2018, the division secured new contracts of about S$1.7 billion, including a mid-water harsh environment semisubmersible and over S$600 million worth of LNG and scrubber projects.
Keppel’s revenue of S$5.97 billion for the financial year 2018 landed nearly flat compared to the financial year 2017.