Company Briefs: Keppel Infrastructure Trust

Keppel Infrastructure Trust

Keppel Infrastructure Trust (KIT) yesterday reported a distribution per unit of 0.93 cent for the third quarter ended Sept 30, unchanged from the same period a year before.

Profit attributable to shareholders for the quarter was $8.15 million, down 47.4 per cent from $15.5 million in the third quarter last year.

Profit for the third quarter, as well as the first nine months of FY2018, was lower than that of the corresponding periods in the previous year. KIT said this was due mainly to lower contribution from City Gas due to a time lag in the adjustment of gas tariffs to reflect actual fuel cost, lower revenue at Australian subsidiary Basslink as a result of a March service outage, and higher fair-value loss of financial derivative instruments recognised.

Revenue for the quarter was up a marginal 1.1 per cent year on year at $162 million from $160.3 million. For the period, City Gas achieved 100 per cent plant availability and saw higher revenue of $88.4 million due to a higher town gas tariff as a result of higher fuel prices.

Four concessions - the Senoko WTE, Tuas WTE, SingSpring Desalination and Ulu Pandan Newater plants - contributed revenue of $24 million, down marginally from $25.3 million in the third quarter last year, due to lower dispatch at the water plants. Net asset value per unit for the group was 27.9 cents as of Sept 30, down from 29.9 cents as of Dec 31 last year.

Wheelock Properties

Wheelock Properties will be delisted tomorrow at 9am, following the close of the voluntary unconditional general offer earlier in the month by parent Wheelock and Company.

At the close of the offer, the parent's stake stood at 90.1 per cent. Trading of its shares on the Singapore Exchange was suspended.

Tee International

Tee International has clinched engineering contracts worth about $58 million, bringing its outstanding order book to about $304 million, the engineering, infrastructure and real estate group said yesterday morning in a Singapore Exchange announcement.

One contract is from repeat client Changi Airport Group (Singapore) to Tee's subsidiary PBT Engineering for a proposed replacement of a fixed gangway, and addition and alteration works at Changi Airport Terminals 1, 2 and 3.

It also bagged a project term contract for Singtel Data Centres for three years, with the option to extend for a further two years, which is expected to provide recurring income.

A version of this article appeared in the print edition of The Straits Times on October 17, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe