Serious Keppel Corp's Profit Drop by 65%! Thousands of Sinkies Retrenched In Time For CNY!

[JohnTan]

SINGAPORE (BLOOMBERG) - Keppel Corp, the world's biggest oil rig builder, reported a 65 per cent drop in profit in the fourth quarter as it predicted "challenging conditions" at its offshore business to remain for some time.

Net income fell to S$143 million in the three months through December, Keppel said in a statement to the Singapore stock exchange Thursday. The profit was after additional provisions for impairment of S$313 million, it said. Sales fell 22 percent S$1.94 billion.

At its offshore and marine division, the company reduced its direct workforce by 2,620, or about 11.8 per cent from the previous quarter, as part of efforts to pare costs by cutting yard capacity and mothballing yards. Keppel and peers have been slashing jobs as demand for offshore drilling rigs slumped amid weak oil prices. Though a decision by OPEC to reduce output renewed optimism, Keppel said it isn't expecting a quick recovery.


"We are thus prepared for the challenging conditions in the offshore business to remain for some time," chief executive officer Loh Chin Hua said in the statement.

If revaluations, impairments and divestments and major provisions were stripped out, the company had a net income of S$300 million, comparable to a year earlier, it said in the statement.

http://www.straitstimes.com/business/keppels-profit-drops-65-on-provisions-as-job-cuts-continue

 

[HongKanSeng]

Re: Keppel Corp's Profit Drop by 65%! Thousands of Sinkies Retrenched In Time For CNY

Not Enough! Retrench MORE pse, Retrench the whole Istana tomorrow.恭喜发财！

 

[krafty]

Re: Keppel Corp's Profit Drop by 65%! Thousands of Sinkies Retrenched In Time For CNY

keppel mgmt. as a GLC has done a good job! they should get rid of the jiak liao bees old guards and re-hire the young and energetic, the lesser mortals should be happy that they can retire early.

 

[ckmpd]

Re: Keppel Corp's Profit Drop by 65%! Thousands of Sinkies Retrenched In Time For CNY

Not Enough! Retrench MORE pse, Retrench the whole Istana tomorrow.恭喜发财！

Lee Boon Yang and Boey Tak Hup must go

 

[frenchbriefs]

Re: Keppel Corp's Profit Drop by 65%! Thousands of Sinkies Retrenched In Time For CNY

Oops guess the share price gonna drop alot today.

 

[mojito]

Re: Keppel Corp's Profit Drop by 65%! Thousands of Sinkies Retrenched In Time For CNY

Oops guess the share price gonna drop alot today.

Up, up and away! Retrenchment is good news for shareholders. Thanks for making me rich!

 

[ckmpd]

Re: Keppel Corp's Profit Drop by 65%! Thousands of Sinkies Retrenched In Time For CNY

Oops guess the share price gonna drop alot today.

I believe the reduced 2016 profit has already been factored in. I dont think the price will drop a lot today. May drop due to kneejerk reaction. But the 20c annual dividend is a little let down.

 

[chootchiew]

Re: Keppel Corp's Profit Drop by 65%! Thousands of Sinkies Retrenched In Time For CNY

Hi sir, are those keppel caps left behind by those being retrenched ? Looks like crematorium

 

[kezgtree]

Re: Keppel Corp's Profit Drop by 65%! Thousands of Sinkies Retrenched In Time For CNY

SINGAPORE (BLOOMBERG) - Keppel Corp, the world's biggest oil rig builder, reported a 65 per cent drop in profit in the fourth quarter as it predicted "challenging conditions" at its offshore business to remain for some time.

Net income fell to S$143 million in the three months through December, Keppel said in a statement to the Singapore stock exchange Thursday. The profit was after additional provisions for impairment of S$313 million, it said. Sales fell 22 percent S$1.94 billion.

At its offshore and marine division, the company reduced its direct workforce by 2,620, or about 11.8 per cent from the previous quarter, as part of efforts to pare costs by cutting yard capacity and mothballing yards. Keppel and peers have been slashing jobs as demand for offshore drilling rigs slumped amid weak oil prices. Though a decision by OPEC to reduce output renewed optimism, Keppel said it isn't expecting a quick recovery.


"We are thus prepared for the challenging conditions in the offshore business to remain for some time," chief executive officer Loh Chin Hua said in the statement.

If revaluations, impairments and divestments and major provisions were stripped out, the company had a net income of S$300 million, comparable to a year earlier, it said in the statement.

http://www.straitstimes.com/business/keppels-profit-drops-65-on-provisions-as-job-cuts-continue

There are alot more board of directors that should be given ORD letter to save cost...as they are above the 62 years so that the younger could learn in this not so hectic situation....IMO

 

[Bigfuck]

Re: Keppel Corp's Profit Drop by 65%! Thousands of Sinkies Retrenched In Time For CNY

No problem. Just need to sell it off.
We still have SIA, Sembcorp, SMRT, Capitaland, Ascendas, Temasek and GLC still to sell off. Can onez.

 

[JohnTan]

Re: Keppel Corp's Profit Drop by 65%! Thousands of Sinkies Retrenched In Time For CNY

Hi sir, are those keppel caps left behind by those being retrenched ? Looks like crematorium

Not enough sinkies are being retrenched. I still see lots of them eating at din tai feng restaurant. There's a queue forming and it annoys me. I fear this retrenchment news is overblown.

 

[chootchiew]

Re: Keppel Corp's Profit Drop by 65%! Thousands of Sinkies Retrenched In Time For CNY

Not enough sinkies are being retrenched. I still see lots of them eating at din tai feng restaurant. There's a queue forming and it annoys me. I fear this retrenchment news is overblown.

Sir, u r right. More sinkie losers deserve to be retrenched to see the effect of no queues form in restaurants.

 

[frenchbriefs]

Re: Keppel Corp's Profit Drop by 65%! Thousands of Sinkies Retrenched In Time For CNY

Not enough sinkies are being retrenched. I still see lots of them eating at din tai feng restaurant. There's a queue forming and it annoys me. I fear this retrenchment news is overblown.

anything nice to eat at ding tai feng?

 

[JohnTan]

Re: Keppel Corp's Profit Drop by 65%! Thousands of Sinkies Retrenched In Time For CNY

anything nice to eat at ding tai feng?

Their egg fried rice and shrimp dumplings are good. They taste even better when the queue is shorter.

 

[batman1]

Re: Keppel Corp's Profit Drop by 65%! Thousands of Sinkies Retrenched In Time For CNY

More good news for sinkees!But why stop at 11.8%,they should retrench more to 80%.The whole Singapore island should be retrenched starting from the overpaid cabinet especially GCT.

 

[johnny333]

Re: Keppel Corp's Profit Drop by 65%! Thousands of Sinkies Retrenched In Time For CNY

Any breakdown on citizenship of workers that are being retrenched?
Are they retrenching foreigners or locals?

What age group are the workers from? Is this an exercise to get rid of older workers?

 

[OrLanChowHorFun]

Re: Keppel Corp's Profit Drop by 65%! Thousands of Sinkies Retrenched In Time For CNY

velly velly goood ah.............FTs going home..............PAP voters lose their jobs..............Oppo and PAP voters get what they want..........what's NOT to like ?