Keppel Infrastructure Trust (KIT) has posted a second-quarter distribution per unit of 0.93 cent, unchanged over the last six quarters.
Loss attributable to unit holders was $4 million, reversing from a profit of $15.8 million in the same period last year. This was due mainly to lower fees earned at Basslink owing to the service outage that occurred from March 25 to June 5 as a result of an incident caused by a third-party contractor.
Basslink, an Australian subsidiary, owns and operates the electricity interconnector between the grids of the states of Victoria and Tasmania. KIT reiterated that it does not rely on Basslink's cash flows for its distributions.
Revenue for the quarter fell 10 per cent to $142.9 million, as revenue from Basslink fell 81.1 per cent to A$4.1 million (S$4.1 million).
This was partially offset by City Gas, where revenue rose to $85.7 million on higher town gas tariffs as a result of higher fuel prices. City Gas achieved 100 per cent plant availability during the period.
Revenue from Keppel Merlimau Cogen fell 6 per cent to $30.6 million due to unplanned maintenance works, with minimal impact on availability, KIT said.
Keppel DC Reit
Keppel DC Reit has posted a second-quarter distribution per unit of 1.82 cents, up 4.6 per cent from the same period a year earlier.
The higher distributable income was due mainly to higher contributions from the mainCubes data centre in the Frankfurt region and assets in Singapore and Dublin.
However, this was partially offset by the absence of one-off capital distribution in relation to Keppel DC Singapore 3 in Tampines, lower contribution from the Basis Bay data centre in Malaysia, and higher finance costs and manager's fees.
Gross revenue in the second quarter jumped 21.5 per cent to $41.9 million. Net property income jumped 21.4 per cent to $38.1 million.
Portfolio occupancy as of end-June was 92 per cent, with less than 5 per cent of the leases due for expiry per year until end-2020. Portfolio weighted average lease expiry was 8.8 years. Net asset value per unit was $1.01 as of June 30, up from 97 cents as of Dec 31.
On June 12, the Reit manager completed the acquisition of Keppel DC Reit's fourth asset in Singapore - Keppel DC Singapore 5 (formerly known as Kingsland Data Centre). This expanded Keppel DC Reit's asset base to 15 data centres with combined assets under management of $1.94 billion.