SINGAPORE's mammoth combination Keppel Corp posted a 38 for every penny drop in second from last quarter net benefit to S$225 million from a year back, as shoddy oil and overcapacity hurt its seaward and marine (O&M) business, driving another round of cutbacks at the unit. A year ago, the gathering had officially shed 14,000 occupations from its worldwide headcount and Singapore sub-contract workforce.
Its CEO Loh Chin Hua said these "difficult measures" will need to proceed even as the world's greatest oil fix manufacturer looks to different divisions to brace its future profit; under a "multi-business" arrange, it is inclining toward property - now the gathering's biggest income donor - and the base division, and also new development spots of server farm and resource administration organizations.
As an indication of "solidarity", the senior administration over all Keppel's specialty units have volunteered for pay cuts; Keppel Corp executives will propose lower chiefs' expenses for 2016.
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