Strong infrastructure and connectivity boost Singapore Keppel profits By Reuters

(Reuters) – Singapore’s Keppel (OTC:) reported a higher first-quarter profit on Thursday, helped by strong performance in its infrastructure and connectivity division.

The global asset manager said in a statement that net profit for both segments had improved compared to the same period last year, but did not disclose any profit values.

It added that revenue growth in both segments offset the weak performance of the real estate segment.

Keppel recorded revenue of S$1.5 billion ($1.1 billion) in the quarter ended March 31, down from S$1.6 billion a year earlier.

The company recorded $88 million in asset management fees during the reported period, a 52% increase over last year.

($1 = 1.3614 Singapore Dollars)

(Reporting by Poonam Behura and Rajasik Mukherjee in Bengaluru; Editing by Rashmi Aich)