HWT – BT

HWT Q3 distributable income surges 27.9%

HYFLUX Water Trust (HWT) yesterday said distributable income for its fiscal third quarter rose 27.9 per cent to $3.49 million from $2.73 million in the year-ago quarter.

Available distribution per unit (DPU) was 1.16 cents (Q3FY2008: 0.91 cent), in-line with the trust’s target DPU of 2.86 cents for the second half of the year (after taking into account subordination and waiver, to the extent necessary, of the sponsor Hyflux Ltd’s distribution for its initial portfolio of water-treatment plants and undertaking relating to certain newly acquired plants).

For the nine months to Sept 30, DPU was 3.48 cents this year, compared to 2.4 cents last year.

The increase in cash available for distribution was mainly attributable to an increase in income from operating and maintenance work and finance income increasing, HWT said.

Operating and maintenance income rose 74 per cent to $4.9 million while finance income was up 65 per cent at $1.8 million.

The quarter’s results took into consideration foreign exchange loss of $2.1 million, from a gain of $1.7 million in the year-ago quarter.

‘Including the first half’s distribution, HWT is expected to meet the full year forecast DPU of 5.42 cents,’ said Gary Kee, chief executive officer of the trustee-manager.

HWT closed yesterday at 67 cents a unit, up half a cent.