Daily news - 21 Jul

KTT's profit falls 6.5% to $10m in Q2
Keppel Telecommunications & Transportation (KTT)'s second-quarter net profit fell 6.5 per cent to $10 million with the poor economy weighing down earning contributions from its various businesses. The profit attributable to shareholders, after exceptional items, for the three months ended June 30 translated to earnings per share of 1.8 cents, down from 1.9 cents a year earlier. Revenue for the period slid 15.2 per cent to $29.17 million. According to KTT, a poorer performance by its logistics unit was the main reason for the dip in Q2 revenue. In addition, its other associates also experienced a weak quarter as a result of the poor economy, the conglomerate said in a regulatory filing yesterday. The group, which reported Q2 net profit of $10.7 million including minority interests (Q2 2008: $11.6 million), saw a 46.5 per cent rise in exceptional loss to $2.3 million during the quarter. KTT's first-half net income, excluding minority interests, dipped 3.9 per cent to $20.2 million, while revenue fell 4.5 per cent to $59 million.

Source: Kim Eng