Macquarie International Infrastructure Fund posts $0.8m loss for Q1

SINGAPORE - Macquarie International Infrastructure Fund (MIIF) has posted a net loss of $0.8 million for its first quarter ended March 31, compared with a net profit of $5.1 million a year ago.

It said the loss was mainly due to the absence of distribution income from Taiwan Broadband Communications and Changshu Xinghua Port, after the two businesses were sold last year.

The fund's remaining business, Hua Nan Expressway, pays an annual distribution only at the end of the third quarter.

As such, the fund's revenue for the quarter plunged to $8,000, from $7.7 million the previous year.

Its group net asset value per share was 13 cents as at March 31, from 16 cents as at Dec 31 last year.

MIIF said its focus is on selling Hua Nan Expressway "in a timely manner whilst maximising proceeds for MIIF's shareholders". The sale of Hua Nan Expressway would lead to the winding up of MIIF.

If Hua Nan Expressway is not successfully divested this year, the next dividend for MIIF's shareholders is expected to be declared and paid in the first quarter of next year.