K-Green Trust's Q1 net profit down 9.8% at $3.2 million

K-GREEN Trust, which invests in "green" infrastructure assets, has reported a first quarter net profit of $3.2 million, down 9.8 per cent from the same quarter last year.

Correspondingly, revenue for the three months ended Mar 31 was also down 10.5 per cent to $17 million,

The business trust had recognised a construction revenue of $2.5 million from the completion of a flue gas treatment upgrade, which was not repeated this year.

Excluding the construction revenue from the flue gas treatment project in the last quarter, revenue was up 3 per cent compared to the same period a year ago.

No distribution was recommended for the first quarter.

Keppel Infrastructure Fund Management, as Trustee-Manager of K-Green Trust, said in a release that the underlying performance of the trust's portfolio is expectd to remain stable.