Keppel Infrastructure Trust declares stable 0.93 Singapore cent DPU for Q1

KEPPEL Infrastructure Trust (KIT) on Monday declared a distribution per unit (DPU) of 0.93 Singapore cent for the first quarter ended March 31, stable from the same period a year ago.

Distributable cash flow for the quarter was S$51.1 million, up 5.6 per cent from the year-ago period, supported by the trust's "highly defensive portfolio of businesses and assets" that provide essential products and services, said KIT. The trust's major segments are distribution and network, energy, and waste and water.

Profit attributable to unitholders for the quarter was S$18.9 million, reversing from a loss of S$16.2 million in the year-ago period.

This was on the back of a 27.6 per cent rise in revenue to S$406.2 million, from S$318.4 million in the year-ago period. This was largely driven by the contribution of full-quarter revenue by Ixom, an industrial infrastructure business in Australia and New Zealand, which was acquired on Feb 19, 2019, said KIT.

Earnings per unit for the quarter were 0.38 Singapore cent, compared with a 0.41 Singapore cent loss per unit for Q1 2019.

The distribution of 0.93 Singapore cent per unit will be paid on May 15, with books closure on April 28.

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Noting the global uncertainty caused by the Covid-19 pandemic, KIT said it "will continue to monitor the situation, and work to mitigate the effects of Covid-19 on the operations at KIT's businesses and assets in Singapore, Australia and New Zealand during this critical period".

KIT units closed up 0.5 Singapore cent or 1.06 per cent at 47.5 Singapore cents on Monday before the release of the results.