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Keppel Corp hit by S$495m loss in the fourth quarter last yr
« on: January 26, 2018, 12:45:10 pm »
SINGAPORE — Keppel Corp, whose offshore and marine unit is embroiled in an international bribery scandal, has posted a net loss of  S$495 million in the fourth quarter of last year — largely due to the  financial penalty paid to the authorities — dragging its full-year net  profit down by 72 per cent compared to the previous year.

The results included the one-off financial penalty arising from Keppel Offshore & Marine's (KOM) global resolution with  criminal authorities in the United States, Brazil and Singapore, and related legal, accounting and forensics costs which amounted to S$619  million in total.

For the financial year ending Dec 31 last year, Keppel  achieved a net profit of S$217 million — compared to S$784 million  posted in FY2016 — after taking into account the financial penalty of  S$570 million, and S$49 million of related costs. Excluding these one-off items, the company said it would have achieved a net profit of  S$836 million, an increase of 7 per cent over FY2016. In the fourth quarter of 2016, Keppel made a net profit of S$143 million.

More at https://www.prolificskins.com/forum/current-affairs/keppel-corp-hit-by-s-495m-loss-in-the-fourth-quarter-last-yr