“Keppel’s key businesses have performed resiliently in the third quarter of 2020, with all key business units remaining profitable, except for Keppel O&M which continues to face very challenging conditions due to both the downturn in the sector and the reduced top line resulting from the COVID19 pandemic and measures to contain its spread”...
Keppel Corporation (SGX:BN4) (Keppel) announced on 29 October its return to profitability for 3Q 2020 as all key business units except Keppel Offshore & Marine (Keppel O&M) were profitable, reversing the net loss of S$697 million incurred in 2Q 2020.
The Group remained loss-making for the first nine months of 2020, due to the significant impairments of S$919 million, mainly from Keppel O&M, recorded in 2Q 2020.
The Group’s revenue was S$4.8 billion for 9M 2020, down 10% year-on year from S$5.4 billion for 9M 2019, due mainly to decreased contributions from Keppel O&M.
The Group’s net gearing was lower at 0.96x as at 30 September 2020, compared to 1.00x as at 30 June 2020, mainly due to lower working capital requirements.
