Adjusting for one-offs and timing differences, KIT’s 9MFY2024 distributable income would have been $124 million, 11.2% lower y-o-y.

Keppel Infrastructure Trust (KIT) has reported a distributable income of $106.1 million for the 9MFY2024 ended Sept 30, 60.1% lower than the distributable income of $266.1 million in the 9MFY2023.

The lower distributable income is due to the absence of the special distribution of $131.2 million given out last year.

Adjusting for one-offs and timing differences, KIT’s 9MFY2024 distributable income would have been at $124 million after adjusting for fees, 11.2% lower y-o-y.

During the period, KIT’s positive contribution from its new acquisitions totalled $20.8 million. This was offset by lower contributions from Senoko WTE of $6.4 million and lower fuel cost over-recovery at City Energy of $9.3 million. The remaining difference was due to higher growth capital expenditure (capex) of $20.2 million.

In the 9MFY2024, KIT’s asset subtotal fell by 10.6% y-o-y to $188.0 million with all of its businesses – except its transition assets – in the red.

As at Sept 30, KIT’s net gearing stood at 40.1%, up from 36.8% as at Sept 30, 2023. Net debt/ebitda stood at 5.5 times while the trust’s interest coverage ratio stood at 11.9 times.

As at the same period, KIT has $459.8 million in cash while its borrowings stood at $2.95 billion, putting it in a net debt position. Meanwhile, its total assets stood at $6.19 billion while total liabilities came up to $4.31 billion.

As at 11.22am, units in KIT are trading 1 cent lower or 2.13% down at 46 cents.