By Ronnie Harui

Keppel Corp. said it swung to a net profit in the third quarter from a net loss of 697 million Singapore dollars (US$510.51 million) in the prior quarter, as all its major business units except Keppel Offshore & Marine were profitable during the period.

The conglomerate didn't disclose the amount of its third-quarter net profit, although it said the amount was significantly lower from a year earlier.

Revenue declined to S$4.82 billion in the first nine months of this year from S$5.38 billion a year earlier, mainly due to reduced contributions from its offshore and marine business unit.

Net gearing decreased to 0.96x as of the end of September from 1.00x as of the end of June, owing to lower working capital requirements, the company said Thursday.

Keppel said it continues to receive strong support from its bankers. Year-to-date, more than S$3.0 billion in loans and committed bank facilities have been raised, the company added.

Write to Ronnie Harui at ronnie.harui@wsj.com

(END) Dow Jones Newswires

10-29-20 0626ET