The manager of Keppel Infrastructure Trust A7RU (KIT) has reported an adjusted ebitda of $130.7 million for the 1QFY2024 ended March 31, 3.8% higher y-o-y. The figure excludes one-off adjustments of acquisition-related costs, unrealised exchange gains and performance fees.
Without the adjustments, group ebitda came in at $118.8 million with contributions from the Keppel Merlimau Cogen Plant as well the addition of the German solar portfolio. KIT first announced that it will acquire a 45% stake in the solar portfolio in December 2023.
Distributable income for the 1QFY2024 fell by 29.1% y-o-y to $50.9 million with declines mainly from the REIT’s distributable & storage segment.
Assuming that 100% of the distributable income generated will go to KIT and its minority shareholders, distribution per unit (DPU) for the 1QFY2024, however, would have been above 16% for transactions conducted in the 1QFY2024.
Net gearing as at March 31 stood at 41.1% while the REIT’s interest coverage ratio stood at 13.8 times.
As at March 31, KIT has assets under management (AUM) of $8.1 billion.
As at 9.13am, units in KIT are trading flat at 47 cents.
