Singapore’s Keppel Corporation said on Thursday its fourth-quarter net profit fell 44% and its 2015 profit dropped to a five-year low as plunging oil prices hit demand for offshore rigs.
Keppel, whose businesses also include property development and infrastructure, posted a net profit of $281.5 million for the three months ended Dec 31, on a revenue of $2.48 billion.
The full-year net profit stood at $1.525 billion, in line with the mean forecast of S$1.5 billion based on estimates by 20 analysts, according to Thomson Reuters data.
It was the lowest annual profit since the S$1.51 billion the company made in 2010.
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