Dispute settlement drags CitySpring Infrastructure Trust into the red in Q3
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CITYSPRING Infrastructure Trust on Tuesday reported an unchanged distribution per unit (DPU) of 0.82 Singapore cents for its third quarter ended Dec 31, 2014.
This was despite a 7.3 per cent drop in revenue to S$120 million, hurt by lower contributions from its City Gas, SingSpring and CityNet segments.
Other operating expenses, due mainly to a Hydro Tasmania dispute settlement amount of A$6 million (S$6.4 million) further dragged its earnings into the red.
For the quarter, the trust posted cash losses of S$13.5 million, a reversal from cash earnings of S$14.7 million a year ago.
Before taking into account the dispute settlement amount and upfront costs related to the refinancing of Basslink bonds (Basslink being a subsidiary of CitySpring), both of which are non-recurring items, the group would have recorded Q3 cash earnings of S$12.1 million, it said.
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