CitySpring reports flat distribution per unit at 0.82 cent

SINGAPORE - CitySpring Infrastructure Trust on Wednesday announced it will be paying out a distribution of 0.82 cent per unit for its fourth quarter ended March 31.

The distribution per unit, which will be paid out on May 26, remains unchanged from a year ago.

CitySpring's key assets include City Gas, which produces town gas, and SingSpring, which owns a large-scale seawater desalination plant.

The flat DPU comes even as the trust saw earnings climb to $9.04 milion, against a loss of $4.37 million from the same period a year ago.

Revenue, however, fell 10 per cent to $121.5 million, due to "lower town gas tariff from lower fuel costs", said CitySpring's manager in a statement.

The trust narrowed its net loss to $749,000 from $2.1 million for the 12 months to March 31, while revenue dipped 3.7 per cent to $501.9 million.

The trust's manager said that its cash earnings for the quarter, which came in at $47.9 million, was affected by "two non-recurring items for upfront costs related to the refinancing of Basslink bonds and the Hydro Tasmania dispute settlement amount".

Basslink owns and operates a high-voltage electricity interconnector between the electricity grids of Tasmania and Victoria in Australia.

Earnings per unit for the quarter came in at 0.59 cent. For the year, the trust reported loss per unit of 0.05 cent, compared with earnings of 0.14 cent previously.

Net asset value per unit stood at 12.3 cents, up from the 23.4 cents from the same time last year.

CitySpring units closed unchanged on Wednesday at 58 cents.