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03-02-2023, 05:09 AM
Keppel profit slumps on China lockdown, real estate woes; sees green shoots..
Feb 2 (Reuters) - Singapore's Keppel Corp (KPLM.SI) posted a steeper-than-expected drop in annual profit on Thursday hurt by its urban development unit, but forecast China's easing market conditions and policy support to the real estate sector would boost market sentiment.
As a result, its net profit dropped to S$927 million ($709.91 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.
Feb 2 (Reuters) - Singapore's Keppel Corp (KPLM.SI) posted a steeper-than-expected drop in annual profit on Thursday hurt by its urban development unit, but forecast China's easing market conditions and policy support to the real estate sector would boost market sentiment.
As a result, its net profit dropped to S$927 million ($709.91 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.
