Rig-building Impairments Drag Keppel to 1H Loss
Singaporean conglomerate Keppel Corp reported a loss in the first half of 2020 due to impairments in its offshore and marine business that has been battered by low global oil prices.
Keppel posted a net loss of S$537 million ($390 million) for the six months to June, compared with a net profit of S$356 million a year ago.
The company, whose businesses range from property development to rig-building, said it incurred impairments of S$930 million during the period mostly related to its offshore and marine business.
The market is closely watching results for any breach of pre-conditions to state investor Temasek Holding's $3 billion offer to acquire a controlling stake in the company.
($1 = 1.3753 Singapore dollars)
(Reporting by Aradhana Aravindan in Singapore; Editing by Edmund Blair)