Singapore’s Keppel HY profit rises on upbeat infra, connectivity performance By Reuters

(Reuters) -Singapore’s Keppel (OTC:) Ltd posted on Thursday a 7% rise in its first-half underlying profit, as upbeat performances at the infrastructure and connectivity segments offset a decline in its real estate business.

The global asset manager’s net profit from continuing operations for the six-month period ended June 30 came in at S$513 million ($383.98 million), a jump from S$481 million last year.

Long-term technology solutions and energy services contracts expanded by more than 20% to S$5.2 billion at the infrastructure division during the reported period.

“In (the half year) all segments were profitable with stronger earnings in the Infrastructure and Connectivity segments more than offsetting a decline in Real Estate contributions,” the company said.

Keppel, which is transitioning into an asset manager with a target of overseeing $150 billion by 2030, declared an interim dividend of 15 Singapore cents per share, in line with last year’s payout.

($1 = 1.3360 Singapore dollars)