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KIT posts 0.93 cent DPU for Q2, unchanged from a year ago
KEPPEL Infrastructure Trust (KIT) on Monday reported a distribution per unit (DPU) of 0.93 Singapore cent for its second quarter, unchanged from a year ago.
This is in spite of a 4.9 per cent drop in profit to unitholders as the business trust is allowed to pay distributions out of retained cash and residual cash flows, unlike companies which can make dividend payments only out of accounting profits.
KIT recorded total distributable cash flows of S$38.7 million for the three months ended June 30, 2017, up from S$38 million a year ago.
Net profit fell 4.9 per cent compared to the year-ago period to S$15.8 million due mainly to a drop in other income; KIT in the second quarter of last year recognised insurance compensation in connection with Basslink's cable fault.
The trust's revenue, however, rose 15.6 per cent to S$158.8 million in the second quarter on higher revenue from Basslink, among others. This was because no facility fees were recognised during the cable outage between Dec 20, 2015, and June 12, 2016.
Amendment note: The piece has been revised to reflect that KIT's total distributable cash flow in the second quarter was up from a year ago.