Keppel Infrastructure Q4 profit gets boost from City Gas

Keppel Infrastructure.

Keppel Infrastructure reported a 25.4 percent rise in fourth-quarter profit, helped by higher contributions from City Gas.

Keppel Infrastructure said net profit attributable to unitholders rose to S$9.6 million in the three months ended December 31 from S$7.7 million last year.

Distribution per unit stood at 0.93 Singapore cent for the fourth quarter, unchanged from last year.

Revenue was up 4 percent at S$158.1 million, boosted by higher revenues from City Gas and Basslink, the company said in a regulatory filing on Monday.

Also Read: Uber to start surge pricing for ComfortDelGro taxis from Jan 19

At City Gas, revenue of S$81.2 million in the quarter was higher than the corresponding period in the previous financial year, due to higher town gas tariff.

"City Gas performance could fluctuate depending on changes in economic conditions and time lag in the adjustments of gas tariffs in response to changes in fuel costs," Keppel Infra said in a statement.

Basslink reported a 10.1 percent rise in the revenue to about S$20.6 million in the quarter.

Revenue from KMC for the fourth-quarter was marginally lower at S$32.5 million, the company said.

Total expenses increased to S$156.7 million in the quarter from S$155.1 million last year due to higher fuel prices and gas transportation costs.

Total assets as at December 31, 2017, was S$2.6 billion, marginally lower than total assets of S$4.1 billion last year.

Shares in Keppel Infrastructure were unchanged at S$0.58 on the Singapore Exchange. The stock has gained about 27 percent in a year.

This article was first published on January 23, 2018