News

Transport & Logistics

Danielle Isaac

, Singapore

Published:

8 years ago

Keppel T&T profits crash 81.7% to $12.79m in Q3

Rightsizing in its Logistics Division pulled revenues down.

Keppel Telecommunications & Transportation Ltd's (Keppel T&T) profits plummeted by 81.7% to $12.79m in Q3.

According to its financial statement, revenue in Q3 fell by 3% to $45m, due to weaker warehousing revenue in its Logistics Division.

Keppel T&T also lost revenue after it disposed of its 90% and 50% stake in Keppel DC Singapore 3 Pte Ltd and Keppel DC REIT Management Pte Ltd in January 2017 and July 2016, respectively.

Operating profit also crashed by 95% to $3.2m, no thanks to the disposal of subsidiaries and higher expenses and manpower to support the developments in its data centre business.

Keppel T&T said its Logistics Division is rightsizing and optimising resources.

The company has also decided not to proceed further with the strategic review on their respective shareholdings in M1.

"The Group will continue to seek opportunities and make strategic investments in accretive assets and explore opportunities to unlock value and recycle capital," Keppel T&T said.

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