Keppel Infra Trust declares 2Q DPU of 0.93 cent, thanks to Ixom

SINGAPORE (July 15): Keppel Infrastructure Trust (KIT) reported a DPU of 0.93 cent for 2Q19, unchanged compared to 2Q18.

This brings 1H19 DPU to 1.86 cents, translating to an annualised distribution yield of 7.4%.

Distributable cashflow rose 26.3% to $45.8 million, largely driven by contribution of $10.2 million from newly acquired Australian chemicals group Ixom as well as higher contribution from Basslink which did not suffer from any outages.

However, the number of KIT units in issue also increased 27.5% to 4.9 billion.

Distributable cash flow from City Gas came in 0.3% lower at $10.4 million.

Distributable cash flow from DataCentre One rose 0.8% to $1.3 million.

Distributable cash flow from Keppel MerlimauCogen Plant (KMC) rose 8.2% to $11.2 million.

Senoko WTE, Tuas WTE, SingSpring Desalination and Ulu Pandan NEWater plants saw cash outflow increased by 53.1% to $5.5 million.

KIT also reported 2Q19 earnings of $15.96 million, reversing from a loss of $4 million in 2Q18, while revenue almost tripled to $418 million from $142.9 million.

Looking ahead, KIT's trustee-manager says it will remain committed to delivering strong predictable cashflows to unitholders. It will also grow KIT through value accretive acquisitions that will create greater value for KIT and unitholders through stable recurring returns and steady capital appreciation.

Units in KIT closed at 50 cents on Monday.