Keppel T&T Q2 profits jumped 137.8% to $25.96m

It gained from a dilution of its interest in an associated company.

Keppel Telecommunications & Transportation (Keppel T&T) profits in the second quarter of 2018 soared by 137.8% to $25.96m from $10.92m last year. Revenue, however, was down 4.9% to $45.28m from $47.62m.

For the first half of the year, profits were also up by 59.5% to $35.93m whilst revenue was slightly down by 0.3% to $88.09m.

According to its financial statement, revenue was down due to lower data centre project management fee income and container throughput from the China port operations, partly offset by higher revenue generated from warehousing and channel management business.

Also read: Keppel DC REIT Q2 net property income jumped 21.4% to $38.08m

Keppel T&T’s data centre division partnered Germany’s DE-CIX to offer premium interconnection services at Keppel DC Frankfurt 1. Keppel DC Singapore 4 secured close to 60% committed occupancy upon the completion of phase 2 fit out.

Meanwhile, Keppel T&T’s logistics division has secured over 110 brands on UrbanFox’s marketplace. It is now preparing to introduce the omnichannel services to regional markets where it already has a presence.

Operating profits jumped largely thanks to a gain on dilution of interest in an associated company, partly offset by higher operating costs and manpower employed to support new developments in the data centre business and logistics operations.

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