Keppel Infrastructure Trust 2Q19 swings to net profit from year-ago loss

Singapore 50 dollar bill

Keppel Infrastructure Trust reported Monday it swung to a second quarter net profit of S$8.30 million from a year-ago loss of S$13.74 million as its acquisition of Ixom began to contribute to results and as Basslink’s contribution increased due to an outage in the year-ago quarter.

Revenue for the quarter ended 30 June was S$418.03 million, more than doubling from S$142.90 million in the year-ago period, the trust said in a filing to SGX.

The trust posted a profit attributable to unitholders of S$15.96 million for the second quarter, swinging from a year-earlier loss of S$4.04 million, the filing said.

The distribution per unit (DPU) was 0.93 Singapore cent for the quarter, unchanged from the year-ago period, bringing the first-half DPU to 1.86 Singapore cents, KIT said.

The annualized yield based on the S$0.505 price per unit at 30 June was 7.4 percent, KIT said.

For the first half, KIT posted a net loss of S$16.46 million, wider than the S$14.81 million loss in the year-ago period. Revenue for the first half was S$736.49 million, more than doubling from S$303.16 million in the year-ago period, KIT said.

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