UPDATE 1-Keppel Corp posts lowest profit in nine years, hit by oil slump

lunes 18 de abril de 2016 06:44 GYT

* Net profit down 41 pct to S$211 million

* Offshore & marine revenue slumps 51 pct

* China home sales boost property division (Adds milestone, details,)

SINGAPORE, April 18 (Reuters) - Singapore conglomerate Keppel Corp posted its lowest quarterly profit for nine years, as revenue dropped at its offshore and marine divisions, hurt by project delays and after it suspended work on contracts related to a Brazilian company.

Keppel, one of the world's largest builders of offshore drilling rigs, has been hit by the 60 percent drop in oil prices since mid-2014. Its businesses include property development and infrastructure.

Keppel's net profit fell 41 percent to S$211 million ($156 million) for the three months to March 31, with revenue dropping 38 percent to S$1.74 billion. The company cut its global workforce by 9.4 percent, or about 2,800, since the start of the year.

Pre-tax earnings at Keppel's key offshore and marine division, which builds offshore drilling rigs and support vessels, dropped by 51 percent to S$122 million. The segment's revenue fell 58 percent to S$818 million.

The division recorded a net order book of S$8.6 billion.

Keppel had stopped work on rigs for Sete Brasil, an indebted affiliate of state-run Petroleo Brasileiro SA Petrobras since end-2015. It said it will not resume construction until payment restarts.   Continuación...