Keppel Infrastructure Trust's Q1 earnings up 23.1%

SINGAPORE - Business trust Keppel Infrastructure Trust (KIT), formerly known as K-Green Trust, reported first quarter earnings of $4.3 million, up 23.1 per cent from a year ago.

Revenue for the three months to March 31 slid 1.1 per cent to $16.6 million, KIT said on Monday.

Operation and maintenance income, a major part of total turnover, rose 0.5 per cent to $12.8 million.

The increase was mainly owing to higher production of Newater and higher operation and maintenance income tax due to changes in consumer price index. KIT said this was partly offset by lower output from the waste-to-energy plants and lower power taxes from fuel price changes.

Earnings per unit stood at 0.68 cent as at March 31, up from 0.56 cent a year ago, while net asset value per unit came in at 90 cents, down from 94 cents as at Dec 31.

KIT said the group unitholders' fund decreased from $591.1 million at the end of December to $565.9 million at the end of March due to the distribution of $29.5 million paid to unitholders.

KIT units closed flat on Monday to $1.1.