KGT – BT

K-Green Trust posts Q2 profit of $4.4m

K-GREEN Trust registered profit after tax of $4.4 million for its second quarter ended June 30.

Profits for H1 were $7.9 million, 16.9 per cent higher than the projected $6.8 million.

Q2 revenue was $25.9 million while revenue for the first six months of the year was $44.1 million, 15.8 per cent higher than the $38.1 million projected for the period.

The higher revenue contributions during the first six months were due to a $4.1 million increase in construction revenue from its Senoko Waste-to-Energy (WTE) Plant, and $1.9 million higher operation and maintenance income.

K-Green Trust is Singapore’s only listed green infrastructure trust and pays distributions from residual cash flow.

K-Green has three assets, namely Tuas design-build-own-operate Plant, Ulu Pandan NEWater Plant, and the Senoko WTE Plant.

K-Green has no external borrowings. Cash generated from K-Green’s operations for its second quarter was $6.9 million while that for H1 was $21.7 million.

After taking into account interest, taxes and working capital, total distribution payable for H1 was $19.7 million.

Distribution per unit (DPU) for H1 was 3.13 cents, in line with the forecast amount in its introductory document.

K-Green is on track to fulfil its forecast 7.82 cents full-year DPU.

Net asset value per unit as at June 30, 2011, was $1.13.

K-Green closed down a cent to $1.065 yesterday.