Singapore’s Keppel Corp, the world’s largest oil rig builder, on Thursday reported a 35% rise in second-quarter net profit, lifted by contributions from its property division.
Keppel earned $520.9 million in the three months ended June, compared with $384.9 million a year earlier. This came in ahead of average analyst forecast of $383 million.
Keppel Corp said its offshore and marine division secured $1.5 billion of new orders in the first half of the year and net order book now stood at $7.6 billion with deliveries extending into 2015.
“The division continues to see good prospects for the Offshore & Marine industry with the projected increase in exploration and production (E&P) expenditure by major oil companies and rising rigs utilisation,” it said in a statement.
Keppel Corp’s property arm, Keppel Land, reported on Wednesday a 87.5% rise in second-quarter net profit, lifted by its high-end residential project in Singapore and a real estate investment trust it sponsors.
Keppel Corp’s property business contributed nearly 15% of total revenue in 2011.
Before the results, out of 24 analysts covering Keppel Corp, 20 had ’strong buy’ or ’buy’ ratings, while four had ’hold’ recommendations.
Keppel Corp shares closed 1.6% higher at $11.24 on Thursday. The stock has risen nearly 21% so far this year, outperforming the 14% gain in the broader Straits Times Index.
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