Keppel Infrastructure Trust (KIT) has reported a 0.2% dip in EBITDA y-o-y to $97.9 million from $98.1 million previously in its 1Q2021 ended March business update.
It also reported a 15.6% y-o-y growth in operational cash flows to $66.5 million from $57.5 million previously.
The increase in operational cash flow was driven by higher contribution from Ixom, which saw strong y-o-y performance on healthy demand from the construction, mining, dairy segments and higher demand for chlorine and caustic soda. Ixom also benefitted from the stronger Australian dollar for the period.
For the trust’s distribution & network segment, CityGas registered 0.8% y-o-y growth in customer to 870,000 as at end-March on the back of healthy residential consumption.
SEE:Keppel Infrastructure Trust and Philippine partner to acquire Philippines' largest petroleum products import storage facility
For Ixom, KIT is focused on pursuing growth opportunities that will increase market share and strengthen its position in key growth segments.
KIT also completed the acquisition of Philippine Coastal on Jan 29, which it expects to drive new growth pillars moving forward as the Philippines economy recovers post-pandemic.
The trust is currently working on its post-acquisition integration and long-term business plan for the company.
For its energy & waste water segment, the trust’s Keppel Merlimau Cogen Plant achieved 100% contracted availability, while its Senoko and Tuas WTE Plants, Ulu Pandan NEWater Plant and SingSpring Desalination Plant fulfilled all contractual obligations.
KIT’s cash balance as of end-March stood at $497 million.
Units in KIT closed 1 cent or 1.82% lower at 54 cents.
