Singapore's Keppel Ltd reported a 25 per cent rise in first-quarter net profit on Thursday (Apr 24), excluding its legacy offshore and marine assets, driven by strong performance in both its infrastructure segment and asset management.
Keppel, which was founded more than half a century ago as a shipbuilding yard, said the rise in net profit was driven by steady earnings at its infrastructure division.
Improved performance at its real estate segment and a strong contribution from the firm's asset management section further added to Keppel's bottom line.
The company said its asset management fees for the quarter increased by 9 per cent year-on-year to S$96 million (US$72.99 million).
Talking about the US trade policy, CEO Loh Chin Hua said that "direct impact of the US tariffs on Keppel is expected to be limited."
"However, a trade war ... could affect us indirectly through higher supply chain costs, reduced market confidence, exchange rate risks and the pace of asset monetisation."
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Keppel, which was founded more than half a century ago as a shipbuilding yard, said the rise in net profit was driven by steady earnings at its infrastructure division.
Improved performance at its real estate segment and a strong contribution from the firm's asset management section further added to Keppel's bottom line.
The company said its asset management fees for the quarter increased by 9 per cent year-on-year to S$96 million (US$72.99 million).
Talking about the US trade policy, CEO Loh Chin Hua said that "direct impact of the US tariffs on Keppel is expected to be limited."
"However, a trade war ... could affect us indirectly through higher supply chain costs, reduced market confidence, exchange rate risks and the pace of asset monetisation."
Continue reading...