Keppel Infrastructure Trust swings to the black in Q2

KEPPEL Infrastructure Trust (KIT) posted a net profit of S$4.13 million for the second quarter ended September from a loss of S$1.6 million a year ago, buoyed by lower fuel prices and contributions from the Crystal Trust and KMC acquisitions.

Revenue came in 20.3 per cent higher at S$153 million from S$127 million a year ago following the full contributions from these assets.

This was however partially offset by lower revenue from City Gas given the lower fuel prices and higher negative commercial risk sharing mechanism and financing cost incurred by Basslink.

Earnings per unit improved to 0.11 Singapore cent for the quarter from a loss per unit of 0.10 Singapore cent a year ago.

Net asset value per unit grew to 35.9 Singapore cents as at end September 2015 from 12.3 Singapore cents as at end March 2015 due to the issue of new units for the Crystal Trust acquisition and the equity fund raising for the KMC acquisition.

KIT posted a distribution per unit (DPU) of 0.93 Singapore cents for the second quarter ended September from 0.82 Singapore cent a year ago.