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COMMERCIAL PROPERTY | Staff Reporter, Singapore

Keppel Infrastructure Trust Q1 profit up 10.9% to $7.5m

This was due to higher contributions from City Gas and lower fees incurred from Basslink's outage.

Keppel Infrastructure Trust's Q1 profit jumped 10.9% from $6.76m to $7.5m, mainly due to higher contributions from City Gas and lower professional fees incurred for the Basslink outage. These were partially offset by higher fair value loss of financial derivative instruments.

According to its financial statement, group revenue grew 3.2% YoY to $160.3m. At City Gas, revenue rose to $82.1m, largely due to higher town gas tariff. City Gas achieved 100% plant availability during the period.

Meanwhile, the concessions contributed revenue of $23.3m, as all four plants fulfilled their contractual obligations during the period.

Basslink’s revenue rose by 7.6% to $22.2m as it recorded positive CRSM. Meanwhile, KMC fulfilled its contractual obligations during the period.

CityNet contributed revenue of $900,000 in Q1 2017. There was no contribution this year as CityNet ceased to be the trustee-manager of Netlink Trust with effect from 13 April 2017.

Distribution per unit (DPU) of 0.93 cents was declared for the quarter ended 31 March 2018.

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