Keppel hit by $495m loss in Q4

Penalty costs from its bribery case pushed earnings down the drain.

Keppel Corporation Limited (Keppel) suffered from a $495m loss in Q4 and a 72% YoY plunge in full-year profits to $217m in 2017.

According to its financial results, profits fell mainly because of the costs of its one-off penalty from Keppel O&M's bribery case across the US, Brazil, and Singapore, which reached a total of $619m.

Excluding the penalty costs, Keppel would have a 7% increase in net profit to $836m for the full-year.

Higher profits from its Singapore trading and fair value gains from its assets were not enough to lift its losses in Q4.

Meanwhile, full-year revenue dipped 12% YoY to $803m.

Keppel CEO Loh Chin Hua said, "The global resolution reached by Keppel O&M brings to an end what has been a painful chapter for Keppel. We have put in place effective compliance controls to ensure that this does not happen again."

Keppel's property division saw a 10% increase in net profit to $685m and remained the largest contributor to group profit. This increase was due mainly to higher fair value gains on investment properties and higher contribution from Singapore and Vietnam property trading and the en bloc divestment of development projects.

Meanwhile, the infrastructure division's net profit jumped 33% to S132m, due mainly to higher contribution from the Energy Infrastructure business and the gain on divestment of interests in GE Keppel Energy Services Pte Ltd.

The investment division's profits also surged to $235m, thanks to a higher share of profit from the SinoSingapore Tianjin Eco-City and k1 Ventures, higher contributions from Keppel Capital, and gains from the sale of investments and the write-back of provision for impairment of investments.

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