Keppel Infrastructure Trust posts H2 DPU of 1.86 Singapore cents

KEPPEL Infrastructure Trust (KIT) on Wednesday posted a distribution per unit (DPU) of 1.86 Singapore cents for the second half of the fiscal year ended December 2020, unchanged from the corresponding period last year.

This brings the trust's DPU for FY 2020 to 3.72 Singapore cents, unchanged from FY 2019.

Free cash flow to equity (FCE) for the second half of the fiscal year, which the company said is equivalent to distributable cash flow, rose 18.9 per cent to S$112.4 million from S$94.5 million in the year-ago period.

Contributions to the FCE by KIT's distribution and network, and its energy sectors rose by 22.9 per cent and 30.8 per cent respectively.

Meanwhile, contributions by the trust's waste and water segment, and the KIT and Holdco segment declined by 0.3 per cent and 2.4 per cent respectively.

Revenue for H2 fell 8.4 per cent to S$760.6 million from S$830.2 million in the year-ago period. The group attributed the decline to lower contribution from City Gas and Concessions, and non-recoverables of outstanding receivables from Hydro Tasmania post-arbitration.

Total expenses for the period fell 4.6 per cent to S$821.3 million due primarily to lower fuel and electricity costs on the back of lower fuel prices, as well as lower finance costs and trustee-manager fees.

For H2, the trust posted a loss attributable to unitholders of S$79.5 million, compared to a profit of S$38.8 million in H2 FY 2019, due mainly to the impact of its Ixom divestment of Latin America and China Life Science businesses, and Basslink arbitration provisions.

For FY 2020, KIT's losses stood at S$34.4 million, compared to a profit of S$38.6 million in FY 2019.

Unitholders will receive their distributions for the period on Feb 19, after the books are closed on Feb 4.

KIT's trustee manager noted that the trust's strong operational readiness and execution ensured that there were no disruptions across its essential businesses and assets throughout 2020.

Looking ahead, the trustee-manager said it will continue to capture growth opportunities that will strengthen the trust's value proposition and deliver long-term returns to its unitholders.

Units in KIT closed flat at 54.5 Singapore cents on Wednesday prior to the results announcement.