Keppel Infrastructure Trust Unaudited Results For The Second Quarter And Half Year Ended 30 June 2017

17-July-2017
Keppel Infrastructure Trust Unaudited Results For The Second Quarter And Half Year Ended 30 June 2017


The Directors of Keppel Infrastructure Fund Management Pte Ltd, as Trustee-Manager of Keppel Infrastructure Trust, advise the following results of Keppel Infrastructure Trust for the second quarter and half year ended 30 June 2017.

These figures have not been audited.


1H FY17 RESULTS HIGHLIGHTS

1. Distribution per unit ("DPU") of 0.93 Singapore cents was declared for the quarter ended 30 June 2017, bringing total DPU to 1.86 Singapore cents for 1H FY17.

2. Group revenue for 1H FY17 was S$314.1 million, 16.9% higher than 1H FY16. This was mainly due to higher contributions from City Gas as a result of higher town gas tariff and higher volume of town gas sold; higher revenue from Basslink as no facility fees were recognised during the cable outage which occurred between 20 December 2015 and 12 June 2016; and higher revenue from KMC. These were partially offset by lower contribution from the Concessions(1) as the 1H FY16 revenue included construction revenue recognised from the Senoko boiler upgrade.

3. The higher profit attributable to Unitholders in 1H FY17 as compared to 1H FY16 mainly arose from higher contributions from Basslink and KMC. These were partially offset by lower contribution from City Gas due to the time lag in the adjustment of gas tariffs to reflect actual fuel cost, abortive expenses incurred in connection with a potential acquisition and professional fees incurred for the Basslink outage.

4. 1H FY17 distributable cash flows(2) of S$73.0 million was S$5.7 million lower than 1H FY16. This was mainly due to time lag in the adjustment of gas tariffs to reflect actual fuel cost at City Gas, abortive expenses incurred by the Trust in connection with a potential acquisition, partially offset by higher contributions from KMC and DataCentre One.

5. Net asset value per unit as at 30 June 2017 decreased to 30.7 Singapore cents from 32.5 Singapore cents as at 31 December 2016 primarily attributable to distributions to Unitholders as well as marked-to-market movements of derivative financial instruments.

6. Gearing(3) as at 30 June 2017 was 39.1% compared to 37.4% as at 31 December 2016 as the Trust drew on its facility to repay one of its subsidiaries.


(1) Concessions comprise Senoko WTE, Tuas WTE, SingSpring Desalination and Ulu Pandan NEWater plants

(2) Excluding Basslink, consistent with previous results announcements
(3) Defined as net debt over total assets



Attachment:

Download - KIT 1H17 Unaudited Financial Statements
Download - KIT 1H17 Results Slides




For more information, please contact:

Media

Mr Ang Lai Lee
Assistant General Manager
Group Corporate Communications
Keppel Corporation Limited
Tel: (65) 6413 6427 
Email: lailee.ang@kepcorp.com
Investor Relations

Mr Chua Sian Howe
Deputy Manager
Investor Relations
Keppel Capital
Tel: (65) 6803 1651
Email: mailto: sianhowe.chua@kepcapital.com
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