CitySpring's Q4 DPU unchanged at 0.82¢
Singapore
CITYSPRING Infrastructure Trust on Wednesday reported a distribution per unit (DPU) of 0.82 Singapore cent for the fourth quarter ended March 31, 2015, unchanged from the year-ago period. This brought the group's FY2015 DPU to 3.28 cents.
For the same period, the group's net profit stood at S$9.04 million, compared to a net loss of S$4.37 million in the corresponding period last year. This was despite a 10 per cent drop in its revenues to S$121.46 million for the same period, compared with S$134.98 million in the corresponding period a year ago.
The decrease in revenues was due to lower contributions from its subsidiaries City Gas Trust and SingSpring Trust, as a result of lower town gas tariff and lower fuel costs respectively.
However, the decline was partially offset by an improved performance from its Australian subsidiary Basslink, which recorded higher revenues due mainly to a positive commercial risk sharing mechanism of A$3.9 million (S$4.5 million) in the fourth quarter of FY2015, compared to negative-A$2.4 million in the year-ago period.
For the 12-month period, the group's net loss stood at S$749,000, while its revenues were S$501.9 million.
Looking ahead, CitySpring expects that City Gas's cash earnings could fluctuate, depending on tariff changes in response to fuel cost changes.
It added that it has obtained approval to decrease gas tariff from 19.02 cents per kilowatt-hour (kWh) to 17.62 cents per kWh from May 1 to July 31 this year, due to a drop in fuel costs compared with the previous quarter.
Meanwhile, the group announced that its proposed acquisition of the assets and liabilities of Keppel Infrastructure Trust has been approved by unitholders, and is expected to be completed on May 18. It added that Keppel Infrastructure Fund Management will assume responsibility as the trustee-manager for the enlarged trust.
For the quarter ended March 31, 2015, earnings per unit was 0.59 cent while net asset value per unit was 12.3 cents.
Before the results were released on Wednesday, CitySpring closed unchanged at 58 Singapore cents.
