Keppel T&T's profits slump on poor investments
Keppel’s telecommunications and transportation arm attributed the 13.3 percent drop to poor investments and costs from restructuring.
Group revenue also suffered in 2009, falling by 12% to $113.3 million. The group attributed the fall to a corresponding drop in logistics revenue in Singapore, as well as the winding down of its network engineering business. Revenue from its logistics activities in China continued to show improvement however, and the company has further expanded its business for its data centre.
However, cash flow from its associated companies and subsidiaries increased during the year by 4% to $58.5 million.
The company invested $5 million in net cash over the year, mainly used in acquisitions, in fit-out for its data centre as well as acquiring a stake in an associated company. This was partly offset by dividends received from associated companies.
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