(Reuters) – Singapore's Keppel (OTC:) reported higher first-quarter profits on Thursday, driven by strong performance in its infrastructure and communications sectors.
The global asset manager said in a statement that net profit from both sectors improved year-on-year, without revealing any profit value.
She added that the increase in revenues from both sectors compensated for the weak performance of its real estate sector.
Keppel posted revenue of S$1.5 billion (US$1.10 billion) for the quarter ended March 31, down from S$1.6 billion a year earlier.
The company recorded S$88 million in asset management fees for the period, an increase of 52% from last year.
($1 = 1.3614 Singapore dollars)
(Reporting by Poonam Behura and Rajasik Mukherjee in Bengaluru; Editing by Rashmi Aish)