Keppel Infrastructure Trust Q2 DPU stable at 0.93 Singapore cent

KEPPEL Infrastructure Trust (KIT) has posted a second-quarter distribution per unit (DPU) of 0.93 Singapore cent, unchanged over the last six quarters.

Loss attributable to unitholders was S$4 million, reversing from a profit of S$15.8 million in the same period last year. This was due mainly to lower fees earned at Basslink owing to the service outage that occurred from March 25 to June 5 as a result of an incident caused by a third-party contractor.

The electricity interconnector has since returned to service on June 5.

Basslink, an Australian subsidiary, owns and operates the electricity interconnector between the grids of the states of Victoria and Tasmania. KIT reiterated that it does not rely on Basslink's cash flows for its distributions.

Revenue for the quarter fell 10 per cent to S$142.9 million, as revenue from Basslink crashed 81.1 per cent to A$4.1 million (S$3.8 million).

This was partially offset by City Gas, where revenue rose to S$85.7 million on higher town gas tariff as a result of higher fuel prices. City Gas achieved 100 per cent plant availability during the period.

Revenue from Keppel Merlimau Cogen fell 6 per cent to S$30.6 million due to unplanned maintenance works, with minimal impact to availability, KIT said. 

Four concessions comprising Senoko WTE, Tuas WTE, SingSpring Desalination and Ulu Pandan NEWater plants contributed revenue of S$22.8 million, comparable with last year.

Distributable cash flows in the second quarter amounted to S$36.2 million, down from S$38.7 million in the same period last year.

Net asset value per unit was 28.8 Singapore cents as at June 30, down from 29.9 Singapore cents as at Dec 31.

KIT units closed unchanged at S$0.525 on Tuesday before results were announced.