Keppel Infrastructure Trust swings to 3Q19 net profit

Australian notes and coins

Keppel Infrastructure Trust reported Monday it swung to a net profit after tax of S$3.74 million for the third quarter, from a year ago loss of S$420,000, mainly on contributions from newly acquired Ixom.

Profit attributable to unitholders for the quarter ended 30 September was S$9.36 million, up 14.7 percent on-year, KIT said in a filing to SGX.

Revenue for the quarter surged to S$407.47 million from S$162.05 million in the year-ago quarter on the consolidation of Ixom earnings from mid-February, the filing said. Ixom contributed revenue of S$249.3 million for the quarter, KIT said.

City Gas contributed revenue of S$86.1 million for the quarter, down on-year, due to lower tariff and lower volume of natural gas sold, KIT said.

Basslink’s revenue for the third quarter came in at A$15.5 million, or around S$14.5 million, lower than A$16.4 million in the year-ago period, mainly on the interconnector’s low voltage cable outage from 24 August to 29 September, the filing said.

The distribution per unit (DPU) was 0.93 Singapore cent, unchanged on-year, bringing the DPU for the nine-month period to 2.79 Singapore cents, translating to a distribution yield of 7.0 percent, based on the 30 September unit closing price of S$0.53 a unit, KIT said.

For the nine-month period ended 30 September, KIT reported a net loss after tax of S$12.72 million, narrower than a loss of S$15.23 million in the year-ago period, on revenue of S$1.14 billion, up from S$465.20 million in the year-ago period.

In its outlook, KIT said Basslink was “vigorously defending itself” in arbitration over the December 2015 outage of the Basslink interconnector due to a cable failure.

Basslink maintains the incident was a force majeure event and “strongly denies” allegations from the State of Tasmania and Hydro Tasmania over the cause, KIT said.

While you’re here, we’re hoping you can help us out.

Shenton Wire has been providing you with quick news and market analysis. But we need your support to continue to bring you the news you’ve come to expect and to expand our reach beyond Singapore.

Your monthly contribution will directly fund our journalism.

S$2     S$4       S$8

S$18       S$28       S$88


We also accept PayPal contributions



Check your existing account here and sign in to Shenton Wire here.

Contact us about other contribution levels or for corporate subscriptions and article syndication.