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