SINGAPORE: K-Green Trust posted an earnings per unit (EPU) of 0.51 cents in the first quarter, representing a 8.9 per cent contraction from the previous EPU of 0.56 cents.
This is based on a Q1 net profit of S$3.2 million, which is down 9.4 per cent from S$3.5 million a year ago.
Excluding construction revenue arising from the flue gas treatment upgrade following its completion, revenue for the quarter inched up 3 per cent to S$17 million.
According to K-Green, net asset value per unit as at March 31, 2013 was S$1.01. Cash generated from operations was S$10 million for the quarter, down from S$11.7 million a year ago.
The business trust, managed by Keppel Infrastructure Fund Management, owns the Senoko Waste-to-Energy Plant, Keppel Seghers Tuas Waste-to-Energy Plant and Keppel Seghers Ulu Pandan NEWater Plant. All three assets have long-term concession agreements with Singapore statutory bodies -- namely NEA and PUB.
In a filing to the Singapore Exchange, Keppel Infrastructure Fund Management said it "will continue to evaluate asset enhancement opportunities in all three assets and will remain focused on acquisitions in areas of waste management, water treatment, renewable energy and energy efficiency", adding that key geographies for potential acquisitions remain Europe and Asia Pacific.
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