K-Green Trust Q1 2011 Quarterly Earnings Report

K-Green Trust Q1 2011 Quarterly Earnings Report:

• Press Release and Financial Statements

Key Points

• The profit after tax achieved for the first quarter of 2011 was $3.5 million,
  5.4% higher than projection.
• Earnings per unit (EPU) for the first quarter of 2011 was 0.56 cents.
• Net asset value per unit as at 31 March 2011 was $1.12.
• Free cash flow for the quarter was $9.5 million.

Author's Note
There will be no distribution this quarter as the business trust has a semi-annual distribution policy. The previous semi-annual distribution in Mar 2011 was 4.31 cents. The next distribution is expected in the Jul-Aug 2011 period.


The projected distribution can be found in the Listing Prospectus.

Based on the prospectus, following are the projected DPU for 2010/2011:

• For the period from the Listing Date up to and including 31 December 2010, the Forecast DPU is 3.91 cents.
• For the first half of 2011, the Forecast DPU is 3.13 cents.
• For the second half of 2011, the Forecast DPU is 4.69 cents.

The closing price before the announcement of results on 14 Apr 2011 was S$1.14, which is below the NAV of S$1.12. To date, the trust has not announced any acquisition plans and is currently at zero debt.

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• Financial News - 28 JUN 2010: K-GREEN TRUST - Admission of 627,644,675 units to the Official List of SGX-ST  
• Financial News - 31 MAY 2010: Announcement of K-Green Trust by Keppel Corp