Keppel ends FY16 with earnings of $784 mil, the lowest in a decade

SINGAPORE (Jan 26): Keppel Corp posted a 49% on-year drop in earnings to $784 million for FY16 ended Dec, the lowest annual profit in a decade.

Full-year revenue fell 34.3% to $6.8 billion while operating profit fell 47.5% to $795 million.

The drop was largely due to lower contributions from Offshore & Marine (O&M) as well as additional provisions for impairment during the year, mainly from rightsizing of Keppel Offshore & Marine and impairments of investments and work-in-progress.

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