Keppel T&T's full-year profits plunge 50.7% to $51.78m

The logistics division's weak performance dragged company revenue to $176.99m.

Keppel Telecommunications & Transportation Ltd (Keppel T&T) full-year profits fell 50.7% YoY to $51.78m, whilst its Q4 profits surged from $3.08m to $17.14m.

According to a financial statement, full-year revenue also fell 9.1% YoY to $176.99m, whilst operating profit slumped by 79% to $16.7m

The lower revenue was mainly caused by lower revenue from its logistics division and the absence of revenue due to the disposal of Keppel DC Singapore 3 Pte. Ltd. and Keppel DC REIT Management Pte. Ltd. in January 2017 and July 2016 respectively.

Net cash used in operating activities fell from $28.8m to $5.4m, due mainly to lower cash flow from operations after working capital changes, offset by interest and income taxes paid during the year.