Keppel's profit down 22.1% to $160.3m in Q2

Its O&M division also performed poorly and lost $60m.

Keppel Corporation struggled to keep their records up as their profits for the second quarter reached only $160.3m, a 22.1% drop from last year's.

According to the group’s quarterly report, its Offshore and Marine (O&M) division had a net profit of $1.4m, far from last year's $61.4m, no thanks to cost-cutting and downsizing.

In a statement, Keppel Chief Executive Officer Loh Chin Hua said, "Rightsizing efforts undertaken by Keppel O&M helped to achieve an operating profit of $36m, but it was not sufficient to cover higher financing costs for the enlarged working capital."

Meanwhile, OCBC Investment Research reported that the group’s profits from its other divisions continued to rise steadily. Keppel gained $96.6m profit from properties and $24.6m from infrastructure.

OCBC added that the company retained its dividend of 8 S-cents per share, which was similar to last year's amount.