Keppel Infrastructure Trust Q1 earnings up 23%

Keppel Infrastructure Trust (KIT) reported 23.1 per cent rise in earnings for the first quarter ended March 31 to S$4.3 million as lower electricity and trust expenses outweighed the decline in revenue.

Group revenue for the period slipped 1.1 per cent to S$16.6 million, as the decline in finance income outweighed the rise in operation and maintenance income.

Cash generated from operations for the quarter was S$13.5 million, down from $14.4 million in the first quarter of 2014. The lower cash generated from operations was mainly due to the transaction costs paid in relation to the proposed merger with CitySpring Infrastructure Trust and the acquisition of a 51 per cent stake in Keppel Merlimau Cogen Pte Ltd.