Keppel Corp posts 9% drop in full-year profit

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Singapore’s Keppel Corp said on Thursday its net profit for the year fell 9%, partly hurt by weak performance from its urban development business and provisions for certain projects at its Offshore & Marine U.S. yard.

The conglomerate’s net profit dropped to S$927 million (nearly $710 million) for the year ended Dec. 31 from S$1.02 billion, a year ago.

That also missed analysts’ average estimate of S$948.70 million, according to Refinitiv IBES.

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