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Keppel Infrastructure Trust posts Q4 DPU of 0.93 S cent

KEPPEL Infrastructure Trust (KIT) on Monday announced a distribution per unit (DPU) of 0.93 Singapore cent for the fourth quarter ended Dec 31, 2019, unchanged from a year ago.

DPU was flat despite the trust having recorded a higher distributable cash flow (DCF) for the fourth quarter. DCF was S$38.9 million, 13.7 per cent higher than a year ago. The DPU will be paid on Feb 14.

Profit attributable to unitholders was up 44.4 per cent to S$29.5 million, mainly due to consolidation of results from Ixom HoldCo, which was acquired in February 2019.

Revenue more than doubled to S$422.8 million, driven by contributions from Ixom of S$264.3 million.

City Gas' revenue of S$82 million was lower compared with a year ago due to lower tariff and as a result, lower fuel prices and volume of gas sold. Plant availability achieved during the period was 100 per cent.

City Gas expanded its reach of retail and commercial customers to 859,000 as at end-2019, a 2 per cent growth from 2018.

Basslink's revenue dipped to S$22.5 million from S$24.6 million the year before. KIT said Ixom's and Basslink's operations are currently not affected by the bushfire in Australia, and all sites are not within any fire-warning zones.

Net asset value per unit was 26.5 Singapore cents as at Dec 31, 2019, down from 27.3 cents the year before.

KIT's divestment of its 51 per cent stake in DataCentre One to Keppel DC Reit for S$102.9 million was completed on Oct 31, 2019, and the net proceeds are expected to be deployed into quality acquisitions to strengthen KIT's portfolio, as well as for refinancing purposes and working capital needs.

Units of KIT closed flat at 55 Singapore cents on Monday.