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Keppel Infrastructure Trust responds to report on cable sale; posts dip in Q3 profit

THE manager of Keppel Infrastructure Trust (KIT) on Monday responded to an article in The Australian claiming that the trust's underwater cable linking Tasmania's hydro power-dependent grid to the mainland is up for sale. This is owned by KIT's wholly-owned subsidiary, Basslink.

In a statement filed to the Singapore Exchange, it said: "As part of its ordinary course of business, Keppel Infrastructure Fund Management (KIFM) reviews its business strategies and portfolio regularly to achieve the best risk-adjusted returns for its unitholders.

"There is no assurance that any transaction will materialise from such reviews. If and when there are any material developments which warrant disclosure, KIFM will, in compliance with the applicable rules, make further announcements as appropriate."

On the same evening, it also posted flat gross revenue at S$160.3 million for the three months ended Sept 30, compared to the year-ago period, as performances from various business segments offset one another.

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Third-quarter net profit attributable to unitholders dropped 8.6 per cent to S$15.5 million from the preceding year, mainly due to insurance income recognised a year ago, it said.

Distribution per unit was flat at 0.93 Singapore cents, as Q3 distributable cash flows rose 4.2 per cent to S$40.5 million from the year-ago period.

KIT units finished unchanged at S$0.55 on Monday.