SINGAPORE - Keppel Infrastructure Trust (KIT) maintained a distribution per unit of 0.93 cents for the second quarter.
This was even as net profit slipped 4.9 per cent to $15.8 million for the three months ended June 30, dragged down largely by a 94.5 per cent drop in other income. KIT had recognised insurance compensation in connection with Basslink's cable fault in the second quarter of last year.
The trust said on Monday that as a business trust, it is allowed to pay distributions to unitholders out of its retained cash and residual cash flows, in accordance with its distribution policy. This is unlike companies, which are governed by the Companies Act, and can only make dividend payments out of accounting profits.
Its total distributable cash flows was $38.7 million for the quarter, up from $38 million in the same period a year earlier.
Revenue rose 15.6 per cent to $158.8 milllion, thanks in part to higher contributions from City Gas, the concessions (comprising the Senoko waste-to-energy plant, Tuas waste-to-energy plant, SingSpring Desalination and Ulu Pandan NEWater plants), and Basslink.
Earnings per unit slipped 4.7 per cent to 0.41 cents, while net asset value per unit came in at 30.7 cents, 5.5 per cent lower than the 32.5 cents previously.