DESPITE posting a 40 per cent lower net profit of S$202.9 million for the first quarter of financial year 2019 - as a result of smaller gains from en bloc sales of residential projects - Keppel Corporation is targeting a mid- to long-term return on equity of 15 per cent for the group.
M1 was recently acquired by Konnectivity, a joint venture between Keppel Corp and Singapore Press Holdings , with the joint-venture company majority owned by Keppel. Net gearing increased from 0.48 time as at Dec 31, 2018 to 0.72 time as at Mar 31, as a result of higher working capital requirements, financing for the acquisition of M1, as well as the inclusion of lease liabilities due to the adoption of the new accounting standard on leases.
He commented:"This is a realistic goal, bearing in mind that the group had achieved average ROE of 17.7 per cent over the past decade . ROE targets have also been set for each of our key businesses... Let me emphasise that these are not forecasts, but targets, which will serve as guides not just for the business units, but for the group in our strategic and investment decisions.
Source: News Formal (newsformal.com)
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