1. Net profit improved 141% to S$751 million, compared to 1Q 2011's S$312 million. Lumpy net profit due to recognition of earnings from homes sold under deferred payment scheme at Reflections at Keppel Bay.
2. Earnings Per Share of 41.9 cents, up 138% from 1Q 2011's 17.6 cents.
3. Annualised ROE of 21.6%.
4. Economic Value Added of S$654 million.
5. Cash outflow of S$193 million.
6. Net gearing remains at 0.16x.
SINGAPORE - Singapore's Keppel Corp Ltd, the world's largest rig-builder, reported on Thursday a forecast-beating 141 per cent rise in its first quarter net profit, helped by a jump in earnings from its property division.
The company posted a net profit of S$750.8 million (US$600.6 million) for the three month ended March 31, two-and-a-half-times the S$311.5 million recorded a year ago.
The profit was ahead of the average forecast of S$359.8 million of five analysts surveyed by Reuters.
The jump in earnings was largely due the recognition of earnings from Keppel Land's Reflections at Keppel Bay luxury condominium project.
Many of the units had been sold under a deferred payment scheme and the earnings were recognised in the current quarter, Keppel said.
Keppel and Singapore rival Sembcorp Marine, the world's number two rig builder, have seen strong orders over the past year as oil companies step up exploration activity amid stubbornly high oil prices.
Keppel recently surprised investors and analysts when they signed a letter of intent to build five semi-submersible rigs, valued at US$4.1 billion in total, from Sete Brasil.
Keppel's shares have risen by 24 per cent so far this year, outperforming the 13.7 per cent increase in Singapore's Straits Times Index. -- REUTERS
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