Shares of Singapore’s Keppel Corp (KPLM.SI), the world’s largest oil rig builder, rose as much as 1.9% on Friday after reporting a better-than-expected rise in second-quarter net profit helped by margins from its offshore and marine business.
At 9:20 a.m., Keppel Corp shares were trading at $11.02 on a volume of 1.1 million shares.
Keppel recorded a net profit of $385 million in the quarter ended June 30, from $352 million a year earlier. The profit was ahead of average analysts forecasts of $334 million.
Bank of America Merrill Lynch raised its target price on Keppel to $13.15 from $12.07 on the back of the firm’s stronger-than-expected profit margins. It maintained its buy call.
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