Keppel Infrastructure Trust’s income hit by distribution and storage segment setback

Distributable income fell 29.1% YoY to $50.9m in 1Q24.

Keppel Infrastructure Trust’s distributable income fell 29.1% YoY to $50.9m in 1Q24, primarily due to underperformance in its distribution and storage segment.

In 1Q24, the distributable income of the distribution and storage segment comprising Ixom and Philippine Coastal fell 32.8% YoY to $15.8m.

On the other hand, KIT’s energy transition and environmental services segment recorded single-digit increases in distributable income, rising 2.1% YoY to $49.7m and 3.7% YoY to $20.9m, respectively.

Within the energy transition segment, assets that recorded declines in their distributable income include City Energy, which recorded a 21.9% YoY drop due to “lower fuel cost over-recovery.”

Its renewable portfolio also saw a 92.3% YoY drop in distributable income due to a $22.2m debt repayment in January.

The urban solutions unit of ST Engineering bagged various contracts worth $17m from the Land Transport Authority to modernist SIngapore’s public bus fleet and operations.