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KIT’s 1QFY2024 distributable income down by 29.1% to $50.9 mil

Felicia Tan
Felicia Tan • 1 min read
KIT’s 1QFY2024 distributable income down by 29.1% to $50.9 mil
Keppel Merlimau. Photo: KIT
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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.

See also: Cordlife posts net loss of $11.57 mil for 1QFY2024 due to refund fulfilment

As at 9.13am, units in KIT are trading flat at 47 cents.

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