Macquarie fund posts drop in Q3 net income following disposal of businesses

The disposal of two businesses led Macquarie International Infrastructure Fund to report a 72 per cent drop in third-quarter net income on an adjusted basis to $11.3 million, from $40.6 million a year ago.

This reduction was mainly due to the cessation of distribution income from Taiwan Broadband Communications and Changshu Xinghua Port, the group said. Both businesses were sold off earlier this year.

As a result, total revenue for the company also fell 72 per cent to $12.1 million for the three months to Sep 30.

The fund's net asset value as at Sep 30 was $282.9 million, including the capital return to the fund's shareholders from the sale of Changshu Xinghua Port, which was not paid out in the quarter.

Macquarie International Infrastructure Fund was the first infrastructure fund listed on the Singapore Exchange.