Breaking the Arctic ice - Keppel Corporation

4 Business
Creditable performance in
challenging times
The Sino-Singapore Tianjin Eco-City is envisioned to bring people and nature together in a harmonious and sustainable environment
For the first nine months of
2008, Keppel Corporation
remained firmly on track in
delivering earnings growth
by achieving a record
attributable profit of
$834 million, which was
10% higher than that of
2007.
EPS were 52.4 cents and
annualised ROE remained
above 20% at 21.5%. EVA
of $614 million was
$27 million higher.
Group revenue in the third
quarter of $3,216 million
was 24% above that of the
corresponding quarter in
Keppelite I November 2008
2007. Higher revenues were
reported by all divisions
except for Property Division
which was affected by the
softer market condition.
Group attributable profit of
$273 million was 10% above
the same quarter in the
previous year. Higher profits
were reported by Offshore &
Marine and Infrastructure
Divisions. However, profits
from Property Division
and Singapore Petroleum
Company (SPC) were lower.
GROUP REVENUE
Group revenue of
$8,071 million for 9M 2008
was $998 million or 14%
above that of 9M 2007.
Revenue from Offshore
& Marine Division of
$5,581 million was 11%
higher. The Division
completed and delivered 29
vessels on schedule for its
customers.
Revenue from Property
Division of $722 million was
47% lower. The decrease
was due to the absence of
significant launches in the
current year. Rental income
from investment properties
increased due to higher
rental rates and occupancy.
At the Keppel Land level,
revenue was $645 million
compared with $1,037
million for the corresponding
period last year.
Revenue from Infrastructure
Division increased by almost
two-fold to $1,742 million.
Revenue generated from
the cogeneration power
plant in Singapore and
environmental EPC contracts
contributed to the significant
increase in revenue.
PROFITS
At the pre-tax level, Group
profit of $1,200 million was
6% higher than the first nine
months with increased