Keppel Infrastructure Trust’s distributable income down by 21.1%

Its subsidiary, Ixom, posted a 20.7% decline in distribution and storage. 

The distributable income of Keppel Infrastructure Trust (KIT) decreased by 21.1% from $56.5m in the first quarter of 2021 to $44.6m in the first quarter of 2022. 

Based on its operational updates, the distributable income of its subsidiary, Ixom, in its distribution and storage declined by 20.7% from $24.4m in the first quarter of 2021 to $19.3m in the same quarter this year. 

In 2019, KIT acquired the industrial infrastructure business in Australia and New Zealand, which offers specialised source water, water, and wastewater treatment solutions.

Ixom also had an increased exposure to construction after it acquired Bituminous Products, Australia’s leading supplier of bitumen-based and associated products for road surfacing, and divested its Fiji business to divest non-core assets and focus on core capabilities.

Meanwhile, another KIT subsidiary, Philippine Coastal Storage & Pipeline Corporation, saw a growth of 8.1% in distributable income from $1.9m in the first quarter of 2021 to $1.8m in the same period of 2022.