(Reuters) -Singapore’s Keppel (OTC:) reported higher first-quarter profit on Thursday, driven by strong performance in its infrastructure and connectivity segments.
Net profit from the both the segments improved year-on-year, the global asset manager said in a statement, without disclosing any profit value.
It added that increased revenue from both the segments offset the weak performance from its real estate segment.
Keppel recorded revenue of S$1.5 billion ($1.10 billion) for the quarter ended March 31, down from S$1.6 billion a year earlier.
The company clocked S$88 million in asset management fees for the reported period, a 52% growth over last year.
($1 = 1.3614 Singapore dollars)
(Reporting Poonam Behura and Rajasik Mukherjee in Bengaluru; Editing by Rashmi Aich)
