Keppel Corporation's net profit plunges 41% to $211m in Q1

O&M remained a weak spot.

Keppel Corporations's net profit was almost halved in the first three months of the year, as offshore and marine woes continued to weigh on the group's fortunes.

The group reported that its property segment contributed 47% of profits, which helped to partially offset lower profits from its O&M segmebt,

Keppel's economic value added decreased to $2 million from $122 million in the similar period last year. Keppel also reported a cash outflow of $306 million.

 Amidst the headwinds, we are keeping a watchful eye on our gearing and cash flows, exercising financial discipline to maintain an institutional quality balance sheet.

"Creating high quality assets and then stabilising and monetising them to generate strong cash flow and recurring income are integral to Keppel's multi-business model. In particular, we want to work the assets in our asset-heavy businesses much harder, and recycle them at the right time to earn the best risk-adjusted returns," Keppel said in its earnings release.