Keppel Ltd (KPELY.PK), an asset management company, Thursday reported revenue of S$1.5 billion for the first quarter, lower than S$1.6 billion in the year-ago quarter, mainly due to decline in revenue from Real Estate segment.
The company said its net profit for the quarter declined year-on-year. However, excluding the effects of legacy offshore and marine assets, the bottom line improved from last year.
In the first three months of 2024, Keppel generated S$88 million in asset management fees, 52% up from last year, driven by higher contributions from all three horizontal segments.
Additionally, the company is planning to close the acquisition of the initial 50 percent stake in Aermont Capital S.à.r.l. by the end of April 2024, as it has received the last clearance required to close the deal.
Keppel said the acquisition helps it to grow its Funds Under Management (FUM) to about S$79 billion, or close to 80% of its interim FUM target of S$100 billion by 2026.
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