Underlying distributable income falls sharply Keppel Infrastructure Trust (KIT) reported underlying 1QFY25 Distribution Income (DI) of $45.5 million, down 31.9% year-on-year (yoy). Including divestment gain from sale of Philippine Coastal Storage and Pipeline Corporation (PCSPC) in 1Q25 and adjustment for growth capex and upfront financing fee of Philippine Coastal and performance fees in 1Q24, reported DI rose 27.7% yoy to $65.0 million. Source: Company data Energy Services impacted by weaker contribution from renewables portfolio Energy Transition reported 21.9% yoy decline in DI to $38.9 million, attributed to higher interest cost and lower throughput at Aramco Gas Pipelines Company (AGPC). Renewables reported negative $1.8 million DI due to lower wind production and higher tax paid. German Solar Portfolio’s DI was $8.3 million, -33% yoy. However, it would have been +30% yoy if 1Q24 DI was adjusted for timing of interest expense recognition. These were partly offset by Keppel Merlimau...