Keppel Infrastructure Trust Unaudited Results for the Year Ended 31 December 2015

1. Distribution per unit (DPU) of 0.93 Singapore cents was declared for the quarter ended 31 December 2015.

2. Group revenue for 9M FY15 was S$427.9 million, 12.5% higher than 9M FY14, with full quarter contributions from the Crystal and KMC acquisitions, partially offset by (i) lower revenue from City Gas as town gas tariff decreased with lower fuel prices, and (ii) higher negative CRSM⁽¹⁾ adjustment incurred by Basslink and the impact of the outage of the link since 20 December 2015.

3. Profit attributable to Unitholders of the Trust of S$15.5 million in 9M FY15 were higher than the last financial year as a result of contributions from the Crystal Trust and KMC acquisitions.

4. 9M FY15 distributable cash flows of S$90.7 million, was S$53.5 million higher than 9M FY14, mainly due to contributions from the Crystal and KMC acquisitions.

5. Net asset value per unit as at 31 December 2015 increased to 35.3 Singapore cents from 12.3 Singapore cents as at 31 March 2015. This was primarily attributable to the issue of new units in connection with the Crystal and KMC acquisitions and mark-to-market gains of derivative instruments, which were partially reduced by distributions paid.

6. Gearing⁽²⁾ as at 31 December 2015 was 34% compared to 52% as at 31 March 2015 as a result of the lower gearing of the Crystal assets and KMC.

Keppel Infrastructure Trust Unaudited Results For The Second Quarter And Half Year Ended 30 September 2015

1H FY2016 RESULTS HIGHLIGHTS

1. Distribution per unit (DPU) of 0.93 Singapore cents was declared for the quarter ended 30 September 2015.
2. Group revenue for 1H FY2016 was S$267.3 million, 2.6% higher than 1H FY2015, with full quarter contributions by assets from the Crystal and KMC acquisitions, partially offset by lower revenue from City Gas as town gas tariff decreased with lower fuel prices, and higher negative CRSM⁽¹⁾ adjustment incurred by Basslink.
3. Profit attributable to Unitholders of the Trust of S$6.8 million in 1H FY2016 were higher than the last financial year as a result of contributions from the Crystal Trust and KMC Acquisitions during the current financial period.
4. 1H FY2016 distributable cash flows of S$48.9 million, was S$16.2 million higher than 1H FY2015 mainly due to contributions from the Crystal and KMC acquisitions, partially offset by the timing difference between City Gas' town gas tariff adjustment and actual fuel prices.
5. Net asset value per unit as at 30 September 2015 increased to 35.9 Singapore cents from 12.3 Singapore cents as at 31 March 2015. This was primarily attributable to the issue of new units in connection with the Crystal and KMC acquisitions and mark-to-market gains of derivative instruments, which were partially reduced by distributions paid.
6. Gearing⁽²⁾ as at 30 September 2015 was 32% compared to 52% as at 31 March 2015 as a result of the lower gearing of the Crystal assets and KMC.
   

⁽¹⁾ _{Commercial Risk Sharing Mechanism ("CRSM") is a mechanism provided under the Basslink Services Agreement ("BSA") between Basslink and Hydro Tasmania ("HT") for the sharing of the market risk associated with participating in the National Electricity Market of Australia. The CRSM payments are based on the differences between the high and low Victorian electricity pool prices, and are subject to a maximum +25% increase (i.e., a payment to Basslink) and -20% decrease (i.e., a payment from Basslink) of the unadjusted facility fee under the BSA. In accordance with paragraph (b) of schedule 4 of the BSA, the rolling 5-year cumulative CRSM shall be capped at -17% if it exceeds -17%.}
⁽²⁾ _{Defined as net debt over total assets.}

Keppel Infrastructure Trust raises S$525 million in Singapore’s largest equity deal this year

Keppel Infrastructure Fund Management, the Trustee-Manager of Keppel Infrastructure Trust (KIT) (formerly known as CitySpring Infrastructure Trust) is pleased to announce that it has raised S$525 million through a private placement and preferential offering to be conducted to finance the acquisition of a 51% stake in Keppel Merlimau Cogen Pte Ltd.

The private placement issue price has been fixed at S$0.52 per Placement Unit, being a discount of 6.15% to the adjusted volume-weighted average price⁽¹⁾, which excludes the special distribution of 1.05 cents per unit and the pre-equity fund raising stub distribution of 0.11 cents per unit, for which the private placement units are not eligible.

To reward existing unitholders and enable them to participate in the future growth of the trust, KIT will conduct a non-renounceable preferential offering under which existing unitholders will be entitled to subscribe to 1 new unit for every 13 units owned as at 28 May 2015 at 5.00 pm at a preferential offering price of S$0.515 per unit, which is at a discount to the private placement price.

This equity deal is the largest to date in Singapore and represents approximately 36% of KIT's outstanding units before the equity fund raising exercise.

The private placement attracted strong institutional interest from new and existing investors, and was more than 2 times subscribed. Long only institutional and corporate investors were allocated approximately 75% of the private placement.

Mr Khor Un-Hun, CEO of Keppel Infrastructure Fund Management, the Trustee-Manager of KIT, said, "We are deeply encouraged by the strong investor interest in our equity fund raising. The increase in free float and institutional unitholder base will help KIT enhance the liquidity of its units and its ability to raise additional capital to finance future growth opportunities."

⁽¹⁾ _{Being the price of all trades on SGX-ST for the full market day on 19 May 2015 and on 20 May 2015 up until 9.33 am when it was halted for trading}

- END -

Keppel Infrastructure Trust begins trading after CitySpring merger

It’s the largest infrastructure-focused business trust.
Keppel Infrastructure Trust (KIT) commenced trading on the Singapore Exchange today after completing its merger with CitySpring Infrastructure Trust.

CitySpring Infrastructure Trust announced yesterday that it has completed its acquisition of three of KIT’s assets, namelySenoko Waste-to-Energy (WTE) Plant, Keppel Seghers Tuas WTE Plant and Keppel Seghers NEWater Plant.

“With the injection of these three assets into its portfolio, the enlarged KIT is the largest Singapore infrastructure-focused business trust, listed on the Singapore Exchange,” KIT stated.

KIT will also undertake its approved acquisition of Keppel Merlimau Cogen Plant (KMC), an operating top tier 1,300 MW gas-fired power plant in Singapore.

After the KMC acquisition, which is expected to be completed by 3Q 2015, KIT will have an expected total asset size of over S$4 billion.

The merger was first revealed in November last year. Keppel Corp is the largest unitholder with 22.9% ownership in the trust, while Temasek is the second-largest unitholder with 19.97% ownership in the trust. 

Keppel Infrastructure Trust Unaudited Results for the First Quarter Ended 31 March 2015

1Q2015 RESULTS HIGHLIGHTS

1. Cash generated from operations was $13.5 million for 1Q 2015 compared to $14.4 million for 1Q 2014. The lower cash generated from operations was mainly due to the transaction costs paid in relation to the proposed transaction with CitySpring Infrastructure Trust and the acquisition of a 51% stake in Keppel Merlimau Cogen Pte Ltd.

2. Group revenue for 1Q 2015 was $16.6 million, 1.1% lower than 1Q 2014. Operation and maintenance income was $12.8 million, 0.5% higher compared to 1Q 2014.

3. Profit after tax for 1Q 2015 was $4.3 million, resulting in earnings per unit (EPU) of 0.68 cents for the quarter, which was 21.4% higher compared to 1Q 2014 due to lower electricity costs and lower trust expenses.

4. Net asset value per unit as at 31 March 2015 was $0.90 compared to $0.94 as at 31 December 2014, mainly due to the distribution payment of 4.69 cents per unit on 13 February 2015.

Keppel Infrastructure Trust to combine with CitySpring Infrastructure Trust and acquire 51% stake in Keppel Merlimau Cogen

• Creating the largest Singapore infrastructure-focused business trust with total assets of over S$4 billion• Attractive portfolio of core infrastructure assets• Increased scale and liquidity, better positioned for future growth
• Keppel Infrastructure to become sponsor of the Combined Trust
• Keppel and Temasek to remain the two largest unitholders in the Combined Trust

Keppel Infrastructure Fund Management Pte. Ltd. ("KIFM") and CitySpring Infrastructure Management Pte. Ltd. ("CSIM") in their capacity as trustee-manager of Keppel Infrastructure Trust ("KIT") and CitySpring Infrastructure Trust ("CIT"), respectively, have agreed to combine KIT and CIT ("Combination").

In addition, KIT has today agreed to acquire a 51% stake in Keppel Merlimau Cogen Pte. Ltd. ("KMC") ("KMC Acquisition") which will form an integral part of the Combination.

The Combination will be effected by CIT acquiring all the business undertakings and assets of KIT in exchange for 1,326 million new units of CIT. The swap ratio has been arrived at based on the market capitalizations of S$658 million of KIT and S$753 million of CIT, based on their units' respective volume weighted average prices ("VWAP") for the 180-day period ended on 13 November 2014¹. Each KIT unitholder will receive 2.106 new CIT units for every KIT unit held. The swap ratio is fixed and is not subject to any adjustment.

Upon completion of the Combination, Keppel Corporation Limited ("Keppel"), via its wholly-owned subsidiary, Keppel Infrastructure Holdings Pte. Ltd. ("KI") will become the largest unitholder and Temasek Holdings (Private) Limited ("Temasek"), through its wholly-owned subsidiaries, will become the second largest unitholder with approximately 22.9%² and 19.97%³ ownership in the Combined Trust respectively.

CIT will be renamed Keppel Infrastructure Trust ("Combined Trust") and KIFM (or another related entity of KIFM) will be appointed trustee-manager of the Combined Trust.

KMC owns a 1,300 MW combined cycle gas turbine power generation facility on Jurong Island, Singapore. The aggregate purchase consideration for the KMC Acquisition will be S$510 million in cash which is planned to be financed by an equity fund raising exercise.

Each of KIFM and CSIM believe the transactions to be DPU accretive⁴ for existing unitholders of KIT and CIT, respectively. In addition, prior to the completion of the Combination, existing CIT unitholders will receive a one-time distribution of S$30 million. After the completion of the Combination but before the equity fund raising, the Combined Trust will make a one-time S$30 million distribution to its expanded base of unitholders.

These transactions are subject to the approval of minority unitholders of KIT and CIT, and Keppel and Temasek will abstain from voting.

After the Combination and KMC Acquisition, the Combined Trust will be the largest Singapore infrastructure-focused business trust listed on the SGX-ST with a market capitalization that is expected to exceed S$1.9 billion⁵ and proforma total assets in excess of S$4 billion.

Mr Khor Un-Hun, CEO of KIFM said, "With the support of the unitholders, the transactions will combine KIT and CIT into an attractive flagship infrastructure investment vehicle in Singapore sponsored by KI, offering investors exposure to its large and diversified core infrastructure portfolio."

Mr Tong Yew Heng, CEO of CSIM added, "The Combination and the KMC Acquisition are transformational. With greater scale and critical mass, the Combined Trust will be able to better access the capital markets to pursue meaningful growth opportunities in the future. Such future growth opportunities could include assets incubated by KI in addition to other infrastructure assets that meet our investment criteria."

The Combination

The Combination and the KMC Acquisition will create the largest Singapore infrastructure-focused business trust.

KIT's portfolio:
• Senoko Waste-to-Energy Plant, the only incineration plant servicing the eastern, northern and central areas of Singapore,
• Keppel Seghers Tuas Waste-to-Energy Plant, the newest of the four waste incineration plants currently operating in Singapore,
• Ulu Pandan NEWater Plant, the second largest NEWater plant in Singapore, and
• The proposed acquisition of the 51% stake in KMC, a top-tier gas-fired power plant in Singapore.

CIT's portfolio:
• City Gas, the sole producer and retailer of town gas in Singapore,
• SingSpring, Singapore's first large-scale seawater desalination plant,
• Basslink, the only electricity interconnector between Tasmania and mainland Australia (including the Basslink Telecoms fibre optics telecommunications cable),
• CityNet, trustee-manager of Netlink Trust⁶, which owns, installs, operates and maintains the fibre network for Singapore's Next Generation Nationwide Broadband Network, and
• DataCentre One, an Uptime Institute Tier 3 datacentre (estimated completion in 1Q CY2016).
Mr Khor commented, "The transactions will enable KIT unitholders to gain exposure to an attractive portfolio of assets which generate regular and predictable cashflows under existing long-term contracts. In addition, the value and cashflow generating capability of long-term infrastructure businesses such as City Gas, Basslink and KMC are not constrained by existing contract lives."

KMC Acquisition

KIT has agreed to acquire 51% of KMC from Keppel Energy Pte. Ltd., a wholly-owned subsidiary of KI, the sponsor of KIT, for a cash consideration of S$510 million. The equity value of KMC is based on an enterprise value of S$1.7 billion, less a S$700 million loan to be raised by KMC.

As part of the KMC Acquisition, KMC will enter into a 15-year capacity tolling agreement with Keppel Electric Pte. Ltd. ("Keppel Electric"), a wholly-owned subsidiary of KI. Under the tolling agreement, KMC will contract its full capacity with Keppel Electric. The maximum capacity fee is S$108 million a year as long as KMC meets the availability and capacity test targets, with most of KMC's operating costs being passed through. With this arrangement, volatility caused by movements in electricity prices and demand in the Singapore merchant power market typically experienced by independent power producers will be mitigated for KMC. KI will guarantee Keppel Electric's payment obligations to KMC. To ensure continuity of operations, KMC will enter into a long-term service contract with KMC O&M Pte. Ltd., also a wholly-owned subsidiary of KI, and will continue to be operated and maintained by the same team which has operated the plant since 2007.

Mr Khor said, "An operating power plant such as Keppel Merlimau Cogen Plant is a highly attractive and strategic asset in Singapore. The 15-year capacity tolling arrangement with Keppel Electric will generate stable and predictable operating cash flows for the Combined Trust. This acquisition demonstrates our sponsor's commitment to grow KIT by delivering investments that are suitable for unitholders."

Benefits from Keppel Sponsorship

Upon completion of the Combination, KI will be the sponsor to the Combined Trust and KIFM will be the trustee-manager. KI has an established track record of developing, owning and operating infrastructure assets and will be able to support the Combined Trust in its growth strategies, whether by developing and warehousing suitable assets or by co-investing alongside the Combined Trust.

The proposed adoption of a revised trustee-manager fee structure for the Combined Trust, based on KIT's existing trustee-manager fee structure, would have resulted in a reduction in trustee-manager fees of approximately S$3.6 million⁷ for the Combined Trust.

In support of the Combination, KI as sponsor of KIT has agreed that KIFM shall waive its divestment fee for the Combination. Similarly, Temasek, as sponsor of CIT and owner of CSIM, will not receive compensation for relinquishing its role as trustee-manager.

Mr Tong added, "The Combined Trust will benefit from KI's sponsorship and growth plans given its track record as a developer, owner and operator of infrastructure assets. Keppel's sponsorship commitment, demonstrated through the KMC Acquisition, the Combined Trust having first rights over the remaining 49% of KMC, and the first right of refusal to acquire assets developed or incubated by KI, will benefit the Combined Trust's acquisition pipeline."

The Equity Fund Raising

To fund the KMC Acquisition and its related expenses, an equity fund raising of up to S$525 million⁸ will be undertaken by issuing new units through a combination of placement to institutional and other investors, as well as preferential offering to existing unitholders. The offering price, as well as further details of the equity fund raising, will be determined subsequently.

Keppel and Temasek intend to subscribe for their pro-rata entitlements under the preferential offering and do not intend to dispose of their units in the Combined Trust from the date of completion of the Combination to a date no earlier than 12 months following the completion of the equity fund raising exercise.

Conditions

In addition to the approval of the Combination by CIT and KIT minority unitholders, it should be noted that the Combination is conditional upon the approval of the KMC Acquisition by KIT unitholders. However, if the Combination is not approved or does not close, KIT will proceed to conduct the equity fund raising to complete the KMC Acquisition if the KMC Acquisition is approved.

The two transactions are subject to conditions precedent including unitholder and regulatory approvals. The Combination is an "interested person transaction" of each of KIT and CIT and the KMC Acquisition is an "interested person transaction" of KIT which will require separate approvals of each of KIT's and CIT's unitholders at their respective extraordinary general meetings to be convened. Each of Keppel, Temasek and their respective related parties, will be required to abstain from voting at the relevant extraordinary general meetings.

Based on the timeline for obtaining the requisite consents and approvals, the completion of the transactions is expected to take place in the second calendar quarter of 2015.

Keppel Infrastructure Trust NINE MONTHS FY2014 RESULTS HIGHLIGHTS

1. Group revenue for 9M 2014 was $49.3 million. Operation and maintenance income was $37.2 million, 2.2% lower compared to 9M 2013.
2. Profit after tax for 9M 2014 was $10.2 million, resulting in earnings per unit (EPU) of 1.61 cents for the period, which was 6.4% lower compared to 9M 2013.
3. Cash generated from operations was $40.9 million for 9M 2014, 11.3% higher compared to 9M 2013.
4. Net asset value per unit as at 30 September 2014 was tiny_mce_marker.93 compared to $1.00 as at 31 December 2013, mainly due to the distribution payment of 7.82 cents per unit during the year.
5. On 26 September 2014, KIT entered into an agreement with NEA to provide additional incineration capacity to the Senoko Waste-to-Energy plant. The upgrade is currently planned to take place between 3Q 2015 and 3Q 2016 and will progressively increase the contracted incineration of the plant by up to 10% from 2,100 tonnes per day. This is expected to increase the operating cash flows from the plant.

Keppel Infrastructure Trust Unaudited Results For The First Half Ended 30 June 2014

1H FY2014 RESULTS HIGHLIGHTS

1. Group revenue for 1H 2014 was $33.2 million. Operation and maintenance income was $25.1 million, 0.3% lower compared to 1H 2013.
2. Profit after tax for 1H 2014 was $6.8 million, contributing to earnings per unit (EPU) of 1.09 cents for the period.
3. Cash generated from operations was $26.9 million for 1H 2014, 17.2% higher compared to 1H 2013.
4. Given the stable cash flows generated, distribution per unit (DPU) for 1H 2014 remained stable at 3.13 cents compared to 1H 2013.
5. Net asset value per unit as at 30 June 2014 was $0.96 compared to $1.00 as at 31 December 2013, mainly due to the distribution payment of 4.69 cents per unit on 21 February 2014.

K-Green Trust's Q1 profit rises 9.4%

K-GREEN Trust on Monday posted a 9.4 per cent increase in profit for its first quarter ended March 31, 2014 to S$3.5 million,

This translated to earnings per unit of 0.56 Singapore cents for the quarter, up from 0.51 Singapore cents a year ago.

This was despite the business trust's revenue dipping 1.3 per cent to S$16.8 million in the quarter.
The trust, which has an investment focus on green infrastructure assets, said it expected the underlying performance of its three assets to remain stable, thanks to their long-term concession agreements with Singapore statutory bodies, National Environment Agency and PUB.

K-Green Trust proposes to expand investment mandate

Keppel Infrastructure Fund Management Pte Ltd (KIFM), in its capacity as Trustee-Manager of K-Green Trust (KGT, or the Trust) will be proposing an expansion of its investment mandate and a change of the Trust's name to Keppel Infrastructure Trust.

KGT was listed in 2010 with an investment focus on "green" infrastructure assets. This investment focus reflected the business focus of its sponsor, Keppel Integrated Engineering (KIE), at the time of its listing. On 2 May 2013, KIE was reorganised under Keppel Infrastructure (KI). With the reorganisation, KIFM proposes that KI assumes the role of the sponsor to the Trust.

In alignment with the wider business activities of KI, KIFM is proposing expanding KGT's investment mandate to cover a wider range of infrastructure assets. KI currently has three core business platforms in Gas-to-Power, Waste-to-Energy and X-to-Energy, the latter of which spearheads strategic developments into alternative energy sources, energy conversion and integration of the energy value chain, as well as encapsulates other energy infrastructure businesses such as district heating and cooling.

Mr Thomas Pang, CEO of KIFM, said "By widening the Trust's investment mandate, we will benefit from a wider range of opportunities so that we can continue to deliver stable and recurring returns to our unitholders.

He added, "We intend to continue pursuing quality infrastructure assets that provide predictable and sustainable cash flows."

Upon unitholders' approval of the proposed amendments to the trust deed constituting KGT, K-Green Trust will also change its name to Keppel Infrastructure Trust, to better represent the nature and scope of assets that the Trust may acquire with the expanded investment mandate.

The Trustee-Manager will seek unitholders' approval for the necessary modifications to KGT's trust deed at an Extraordinary General Meeting, which will be held on 15 April 2014 immediately after its Annual General Meeting.

More details can be found in the circular to unitholders in relation to the proposed trust deed supplement dated 24 March 2014 and despatched to the unitholders on the same date.

-End-

 

 

K-Green: 9M FY2013 RESULTS HIGHLIGHTS

•  
• Excluding construction revenue arising from the flue gas treatment upgrade following its completion last year, Group revenue for 9M 2013 remained stable at $50.8 million compared to 9M 2012.
•  
• Profit after tax for 9M 2013 was $10.9 million, contributing to earnings per unit (EPU) of 1.72 cents for the period. Excluding the contribution from the construction of the flue gas treatment upgrade last year, profit after tax was $0.2 million or 2.0% lower compared to 9M 2012.
•  
• Net asset value per unit as at 30 September 2013 was $0.99 compared to $1.02 as at 30  June 2013, due to the distribution payment of 3.13 cents on 15 August 2013.
•  
• Cash generated from operations was $36.7 million for 9M 2013.

K-Green: 1H FY2013 RESULTS HIGHLIGHTS

1. Excluding construction revenue arising from the flue gas treatment upgrade following its completion last year, Group revenue for 1H 2013 remained stable at $33.8 million compared to 1H 2012.

2. Profit after tax for 1H 2013 was $7.1 million, contributing to earnings per unit (EPU) of 1.12 cents for the period. Excluding the contribution from the construction of the flue gas treatment upgrade last year, profit after tax was $0.5 million or 6.4% lower compared to 1H 2012.

3. Distribution per unit (DPU) for 1H 2013 remained stable at 3.13 cents compared to 1H 2012.

4. Net asset value per unit as at 30 June 2013 was $1.02.

5. Cash generated from operations was $23.0 million for 1H 2013.

K-Green Trust: 1Q FY2013 RESULTS HIGHLIGHTS

1. Group revenue for the first quarter ended 31 March 2013 was $17.0 million. Excluding construction revenue arising from the flue gas treatment upgrade following its completion, revenue for 1Q 2013 improved by $0.5 million, representing a 3.0% increase compared to 1Q 2012.

2. The profit after tax achieved for 1Q 2013 was $3.2 million, contributing to earnings per unit (EPU) for the quarter of 0.51 cents.

3. Net asset value per unit as at 31 March 2013 was $1.01.

4. Cash generated from operations was $10.0 million for the quarter.

K-Green Trust's profits slip 0.53% for 1H2012 y-o-y

By

Lee Meixian

        

K-Green Trust's profits for the first half of 2012 slipped by 0.53 per cent year-on-year to S$7.87 million, announced the company on SGX on Monday.

Earnings per unit for this period was 1.25 Singapore cents. Distribution per unit to be paid will be 3.13 Singapore cents, unchanged from the same corresponding period last year.

Thomas Pang, CEO of Keppel Infrastructure Fund Management, K-Green's trustee-manager, said, "K-Green Trust continues to perform well in this period and remains committed to deliver stable, predictable and reliable distributions to its Uniholders."

He also expects K-Green's portfolio to remain stable as all three of its assets - Senoko Trust, Tuas DBOO Trust and Ulu Pandan Trust - have long-term concession agreements with the National Environment Agency and Public Utilities Board. Senoko Trust and Tuas DBOO Trust both derive most of their income from capacity payments which offer a stable source of income and are unlikely to be affected by fluctuations in the economy.

K-Green Trust's Q1 earnings flat at $3.55m

By Carine Lee


K-Green Trust's profit for the first quarter ended March 31, 2012 was flat at $3.55 million despite a 4.4 per cent increase in revenue to $19 million.

DPU for the quarter was 0.56 cents.

K-Green posts net profit of $16m for FY2011

By CARINE LEE


K-Green Trust on Tuesday posted net profit of $16 million, 7.3 per cent higher than projected for the full year ended December 31, 2011.

Turnover for the year was $90.56 million, which is 17.9 per cent higher than the projection of $76.8 million, due mainly to higher recognition of construction revenue. A year ago, it posted revenues of $65.8 million.

Distribution per unit was 7.82 cents, up from 4.31 cents a year ago.

K-GREEN TRUST 3Q 2011 REPORT CARD

1. The profit after tax achieved for the first nine months of 2011 was $11.7 million, 14.6% higher than projection.

2. Profit after tax for 3Q 2011 was $3.8 million.

3. Earnings per unit (EPU) for the 3Q 2011 was 0.60 cents.

4. Net asset value per unit as at 30 September 2011 was $1.10.

K-Green posts net profit of $9.57m for 2010

By LYNN KAN


K-GREEN Trust posted net profits of $9.57 million, for the full year ended December 31, 2010.

Profits after tax for the green infrastructure assets trust since its listing on June 29 to Dec 31 was $8.7 million, 22.1 per cent higher than forecast.

Full-year revenue was $65.8 million, while revenue garnered since listing was $49.3 million. The latter is 22.1 per cent lower than the forecast of $63.3 million, mainly due to lower contributions from a delay in flue gas upgrading works for K-Green's Senoko Plant.

Distribution per unit for the full year was 4.31 cents, 10.2 per cent higher than K-Green's forecast of 3.91 cents.

K-Green posts Q3 net profits of S$4.4 mln

By LYNN KAN


K-Green, which was listed on the Singapore Exchange on 29 June, also reported its net profits todate, which stood at $4.57 million.

Based on K-Green's forecast of $3.61 million, its net profits to date was 26.5 per cent higher than predicted, said K-Green in its unaudited report card.

K-Green also recorded revenues worth $26.1 million in its third quarter.

K-Green holds three plants, namely the Senoko Waste-to-Energy (WTE) Plant, the Keppel Seghers Tuas WTE Plant and the Ulu Pandan NEWater Plant.

Earnings per share for the third quarter is 0.7 cents. EPS from its date of listing to 30 Sept is 0.73 cents.

K-Green said that the underlying performance of its assets 'is expected to remain stable.' 'All three assets have long-term concession agreements with Singapore statutory bodies, namely NEA and PUB.' K-Green's trustee-manager said it will 'continuously review acquisition opportunities.'

As of 30 Sept, net assets of the group stood at $720.9 million.

Strong interest in Keppel's K-Green Trust

SINGAPORE - Shares of K-Green Trust made a strong debut on the Singapore stock market on Tuesday, rising as high as $1.33 (US$0.96) with over eight million shares traded.
Around 0243 GMT, K-Green was traded at $1.22, 5.2 per cent higher than its implied price of $1.16.

'Investors are keen on buying the stock mostly because of its good dividend yield and long-term prospects for the green business,' said a local trader.

K-Green, which owns waste-to-energy and water treatment plants, is 49 per cent-owned by rigbuilding, engineering and property conglomerate Keppel Corp.

It made its Singapore market debut after its parent distributed 51 per cent of K-Green shares to existing Keppel shareholders. -- REUTERS