Here's what prevented Keppel's property net profit from sinking further

More than half of its recorded property profit came from divestments.

Keppel Corp’s 3Q16 results have badly been badgered by its offshore and marine (O&M) woes, with its total bottomline sinking 38.1% to $224 million.

Its property segment would have also suffered declines if not for recent divestments, which buoyed earnings by 66% to $157m.

This included around $83m of gains from divestment of associates including Life Hub @ Jinqiao and 77 King Street.

According to CIMB Research, without these divestments, earnings could have fallen 22%.

The brokerage firm noted that Keppel sold 1,370 homes in the past quarter, with steady volumes in China and Singapore. Its sales in Vietnam more than doubled to 170 units from 50 homes sold in the preceding quarter.