Keppel Infrastructure Trust's Q3 net profit down 12.5% to $3.32 million

SINGAPORE - Keppel Infrastructure Trust's (KIT's) third quarter net profit fell to $3.32 million, a 12.5 per cent decline compared with the same period last year.

Earnings fell as revenue for the three months ended Sept 30 was down by 5.7 per cent to $16.1 million, the trust said on Thursday.

Its operation and maintenance income, which made up about three-quarters of its total turnover, dropped 5.8 per cent to $12.1 million.

KIT attributed the fall in operation and maintenance revenue to lower production of Newater at its Ulu Pandan plant.

Profit for the nine months fell 6.4 per cent to $10.2 million, while revenue over the period dropped 3 per cent to $49.2 million.

Earnings per unit stood at 0.53 cent at the end of September, down from 0.6 cent in the same period a year ago.

Net asset value per unit came in at 93 cents at the end of September, below the amount of $1 at the end of December.

KIT shares closed up by half a cent on Thursday to $1.045. It reported its earnings after markets closed.