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; and higher revenue from KMC.
This was also due to higher facility fees from Basslink as no facility fees were recognised in 1Q16 during the cable outage. Basslink’s revenue increased to A$19.8 million ($21.2 million) in 1Q17, from $1.1 million a year ago.
Profit attributable to unitholders grew to $6.8 million in 1Q17, from $2,000 a year ago.
This was mainly attributed to higher contributions from Basslink and KMC, coupled with lower depreciation and amortisation expenses, and partially offset by lower contribution from City Gas due to the time lag in the adjustment of gas tariffs to reflect actual fuel cost.
Distributable cash flows in 1Q17 – excluding Basslink, consistent with previous results announcements – was $5.9 million lower at $34.2 million.
This was mainly due to time lag in the adjustment of gas tariffs to reflect actual fuel cost at City Gas and abortive expenses incurred by Keppel Infrastructure Trust in connection with a potential acquisition, partially offset by higher contribution from KMC.
Total expenses grew by 11.5% to $155.7 million, led by a 46.7% increase in fuel and electricity costs to $31.4 million and a 46.0% increase in other operating expenses to $14.1 million.
Cash and cash equivalents stood at $202.1 million as at March 31, 2017.
Looking ahead, the trustee-manager of Keppel Infrstructure Trust says it will “evaluate asset enhancement opportunities in its portfolio, and will continue to identify and evaluate suitable acquisitions, including those from the Sponsor, under its investment mandate to further grow the Trust.”
Units of Keppel Infrastructure Trust closed flat at 53 cents on Monday.
