July 20, 2017 / 9:24 AM / a month ago

Singapore's Keppel reports 21 pct drop in Q2 profit

SINGAPORE, July 20 (Reuters) - Singaporean conglomerate Keppel Corp on Thursday reported a 21 percent drop in its second-quarter profit, hurt by lower revenue from its offshore and marine segment.

Keppel, in which Singapore state investor Temasek is the biggest shareholder, reported a net profit of S$161 million ($118 million) for the three months ended in June, versus S$205 million a year ago.

The conglomerate and its smaller cross-town rival Sembcorp Marine have been hit by an oversupply of offshore oil drilling rigs, with customers delaying contracts and orders with oil prices expected to stay lower for longer. ($1 = 1.3688 Singapore dollars) (Reporting by Aradhana Aravindan, Editing by Himani Sarkar)

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