Keppel Corp Q3 net profit rises 32% on property earnings

SINGAPORE - Singapore's Keppel Corp , the world's largest builder of offshore oil rigs, on Thursday posted a 32 per cent rise in third-quarter net profit as higher contributions from property offset a drop in earnings from rigs.

The company, whose biggest shareholder is Singapore state investor Temasek, earned S$457.6 million in the three months ended Sept 30 compared with S$346.4 million in the same period a year earlier.

Excluding gains from revaluation, impairment and divestments, Keppel's net profit rose 20 per cent to S$403 million.

Keppel's offshore and marine arm order book stood at S$13.6 billion as at end-September, up from S$13.1 billion at the end of June.

Keppel Land, the group's property unit, on Wednesday reported a 70 per cent rise in third-quarter net profit to S$126.4 million, helped by the completion of more projects in China.

The developer sold about 3,070 housing units in China during the first nine months of 2013, more than three times the 970 units sold over the same period last year.

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