SINGAPORE: Keppel Corporation has reported a 44 per cent drop in fourth quarter net profit, hurt by provisions for its offshore and marine business.
While the offshore division remained profitable, it has slashed the number of staff and subcontract workers. Keppel earned S$405 million in the three months ended December.
For the whole of 2015, net profit came in at S$1.53 billion, a drop of 19 per cent from the previous year.
Giving an update on its offshore and marine arm, which has been hit by the plunge in oil prices, Keppel said the number of staff at its Singapore and overseas yards has decreased by about 17 per cent since January last year - about 6,000 people.
According to Keppel, the decline was due to "natural attrition". It has also reduced its subcontract workforce by about 7,900, or by around 24 per cent.
Looking ahead, Keppel said it will continue to pursue its multi-business strategy, while "rightsizing" the organisation in order to remain profitable.
Keppel is a diversified conglomerate, whose other operations include property, infrastructure and data centres.