Keppel Infrastructure Trust's Q4 DPU flat at 0.93 Singapore cents

KEPPEL Infrastructure Trust (KIT) on Tuesday reported a distribution per unit (DPU) of 0.93 Singapore cents for the fourth quarter ended Dec 31, 2018, unchanged from the year-ago period.

Profit attributable to unitholders more than doubled to S$20.4 million in the quarter, up from S$9.6 million a year ago. This was mainly due to higher contributions from its portfolio company Basslink, which owns and operates the Basslink Interconnector between the states of Victoria and Tasmania.

Revenue for the quarter was up 8.9 per cent to S$172.2 million from S$158.1 million last year. KIT attributed the increase to higher revenue from City Gas, which produces and retails piped town gas, as well as a one-off cumulative availability adjustment for Basslink's service outage between March 25 and June 5, 2018.

KIT's net asset value decreased to 27.3 Singapore cents per unit as at Dec 31, 2018, down from 29.9 Singapore cents in the previous year. This was primarily attributable to distributions to unitholders, and partially offset by marked-to-market movements of derivative financial instruments and profit recognised for the period.

Units of KIT closed at S$0.515 on Tuesday before results were announced, down one Singapore cent or 1.91 per cent.