Company briefs: Keppel DC Reit

Keppel DC Reit

Keppel DC Reit's distributable income swelled by 47.6 per cent to $21.8 million in the first quarter ended March 31.

The increase was contributed by the one-off capital distribution in relation to the Keppel DC Singapore 3 acquisition, income from the acquisitions announced last year, as well as lower property-related and other expenses.

The Reit reported lower rental income arising from a client downsizing its requirements in Keppel DC Dublin 1 in the first quarter of last year, as well as lower variable income from Keppel DC Singapore 1 and Keppel DC Singapore 2 due to lower recurring and power revenue.

Net property income rose by 36.1 per cent to $28.8 million on the back of a 30.1 per cent increase in gross revenue to $32.2 million.

Based on the first quarter's market closing price of $1.20, Keppel DC Reit's annualised distribution yield was 6.01 per cent, up from 5.6 per cent compared to the same period last year. No distribution has been declared for the quarter under review.

Keppel Infrastructure Trust

Keppel Infrastructure Trust's distribution per unit in the first quarter was an unchanged 0.93 cent.

Group revenue for the three months to March 31 was $155.3 million, up 18.3 per cent.

This was mainly due to higher contributions from City Gas as a result of higher town gas tariff and higher volume of town gas sold; higher facility fees from Australia-based Basslink as no facility fees were recognised in the same period last year during the cable outage which occurred between Dec 29, 2015 and June 12, 2016; and higher revenue from Keppel Merlimau Cogen plant.

These were partially offset by lower contribution from its concessions - comprising Senoko waste-to-energy (WTE), Tuas WTE, SingSpring Desalination and Ulu Pandan Newater plants.

China Jinjiang Environment Holding

China Jinjiang Environment Holding Co said it has secured its first waste management project in India, a first outside its home base in China.

The project in Lucknow City, Uttar Pradesh, has an estimated investment amount of about 300 million yuan (S$60.8 million), and an initial cash outlay of some 241.3 million rupee (S$5.2 million), which will be fully settled from the group's internal resources.

Join ST's Telegram channel and get the latest breaking news delivered to you.

A version of this article appeared in the print edition of The Straits Times on April 18, 2017, with the headline Company briefs: Keppel DC Reit. Subscribe