:Singapore's Keppel Corp posted a steeper-than-expected drop in annual profit on Thursday hurt by its urban development unit, but forecast China's easing market conditions and policy support to the real estate sector would boost market sentiment.
As a result, its net profit dropped to S$927 million for the year ended Dec. 31, from S$1.02 billion a year ago. That also missed analysts' average estimate of S$948.70 million, according to Refinitiv IBES. China's property sector has been lurching from one crisis to another, heavily weighing on the country's growth over the past year. However, recent policy shifts to bring back the debt-laden sector on track for growth has improved outlook.
Despite headwinds in Keppel Land's key markets, particularly China, asset monetisation remained healthy, collecting S$3.6 billion of asset monetisation in cash over S$4.6 billion announced under the programme launched in September 2020.