Keppel Infrastructure Trust back in the black with $10.19m profit in 2019

Earnings was largely driven by contributions from Australian chemical farm Ixom.

Keppel Infrastructure Trust reversed a loss from last year with a $10.19m net profit in 2019, the company announced. Revenue soared more than twofold to $1.57b over the same period.

In Q4, profit surged 78% YoY to $22.91m, whilst revenue more than doubled to $422.76m. This was driven mainly by a $264.3m contribution from Australian chemical farm Ixom, which the trust acquired in February 2019.

Its distribution per unit (DPU) hit 0.93 cents for the quarter, bringing DPU for FY 2019 to 3.72 cents.

Revenue from City Gas declined YoY to $82m for the quarter, due to fall in tariff dragged by lower fuel prices and lower volume of gas sold. Revenue from KMC also dropped to $29m due to unplanned maintenance.

Meanwhile, contributions from the concessions comprising Senoko Waste-to-Energy (WTE), Tuas WTE, SingSpring Desalination and Ulu Pandan NEWater plants rose to $25.0m due to higher output from the plants. Basslink’s revenue remained relatively unchanged at $22.5m.