Keppel Infrastructure Trust's Q4 DPU flat

Keppel Infrastructure Trust (KIT) yesterday reported a distribution per unit (DPU) of 0.93 cent for the fourth quarter, unchanged from the same period a year ago.

Profit attributable to unit holders rose by 25.4 per cent to $9.6 million for the quarter, due mainly to higher contributions from City Gas, a producer and retailer of piped town gas, and a portfolio company of KIT.

Revenue for the quarter was $158.1 million, nearly 4 per cent higher than the $152.2 million last year.

This was boosted by higher revenues from City Gas and Basslink. The latter owns and operates the 370km Basslink Interconnector linking the states of Victoria and Tasmania in Australia.

For the 2017 financial year, total DPU came up to 3.72 cents.

Profit attributable to unit holders of the trust rose by 15.6 per cent to $47.6 million, from $41.2 million a year ago.

This was driven by higher contributions from Basslink and City Gas, and partially offset by abortive expenses incurred in connection with a potential acquisition, professional fees incurred for the Basslink outage and lower contribution from CityNet, said KIT.

  • AT A GLANCE

  • REVENUE:

    $632.5 million (+8.8%)

  • NET PROFIT:

    $47.6 million (+15.6%)

  • DISTRIBUTION PER UNIT:

    3.72 cents (Unchanged)

Revenue for FY2017 was $632.5 million, 8.8 per cent higher than that for FY2016.

This was boosted by higher contributions from City Gas as a result of higher town gas tariffs and higher volumes; higher revenue from Basslink as no facility fees were recognised during the cable outage which occurred between Dec 20, 2015 and June 12, 2016; as well as higher revenue from Keppel Merlimau Cogen.

Net asset value fell to 29.9 cents per unit as at Dec 31 last year, down from 32.5 cents in the previous year.

This was primarily due to distributions to unit holders, as well as market-to-market movements of derivative financial instruments.

Distributable cash flows for FY2017 stood at $144.2 million, $5.3 million lower than a year ago.

Yesterday, KIT ended trading half a cent higher at $0.585.

A version of this article appeared in the print edition of The Straits Times on January 23, 2018, with the headline 'Keppel Infrastructure Trust's Q4 DPU flat'. Print Edition | Subscribe