Keppel Infrastructure Trust's full-year profits jump 15.6% to $47.61m

Mainly thanks to contributions from City Gas in Q4.

Keppel Infrastructure Trust's (KIT) net profit jumped 25.4% YoY to $9.61m in Q4, mainly thanks to contributions from City Gas.

According to its financial statement, for the full year, profits rose 15.6% YoY to $47.61m. Revenue for Q4 rose 3.9% YoY to $158.12m, bringing total revenue recognised to $632.5m.

At City Gas, revenue of $81.2m in Q4 and $320.4m for the whole year were higher than the previous financial year, largely due to higher town gas tariff. City Gas achieved 100% plant availability during the period.

KIT's concessions contributed $23.8m revenue in Q4. It was higher last year due to the recognition of revenue from the Senoko boiler upgrade which was completed in Q3 of 2016. All four plants fulfilled their contractual obligations during the period.

Basslink's revenue for Q4 rose 10.1% YoY to $20.6m as it recorded a lower negative Commercial Risk Sharing Mechanism (CRSM) in 4Q FY17.

Full-year revenue from Keppel Merlimau Cogen Pte Ltd (KMC) rose by $1.2m to $129.9m due to an extended maintenance for one of its four turbines in 1Q2016, which resulted in a slight reduction in capacity fee in 2016.

CityNet's whole-year contribution plunged 70.73% YoY from $4.1m to $1.2m due to the cessation as trustee-manager of Netlink Trust with effect from 13 April 2017.

Meanwhile, fuel and electricity costs rose throughout the year, as it gained 16% to $33.81m in Q4 and 28.9% to $126.01m for the whole year.

Disitribution per unit (DPU) of 93 cents was declared for Q4, bringing the total DPU to 3.72 cents for 2017.

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