News / Brookfield Infrastructure announces Q2 results and acquisition of U.S. energy firm

Brookfield Infrastructure announces Q2 results and acquisition of U.S. energy firm

🕔 August 12, 2013
US$3 billion final close for Macquarie Super Core Infrastucture Fund Series 1

On 6 August 2013, Brookfield Infrastructure posted strong results for the quarter ended June 30, 2013 with funds from operations (FFO) totalling C$180 million compared to FFO of C$111 million in the second quarter of 2012.

This 62% increase in FFO was primarily driven by its recently commissioned Australian railroad expansion and contribution from acquisitions that closed in the latter part of 2012.

Brookfield Infrastructure reported net income of C$132 million for the quarter ended June 30, 2013, compared to a net loss of C$26 million in the prior quarter.Analyzing segments, Brookfield Infrastructure's utilities platform increased FFO due to the acquisition which doubled the size of its UK regulated distribution business, and the increased ownership in its Chilean electricity transmission system.The transport platform generated increasing FFO attributable to:
  • a doubling of FFO from its Australian railroad following the completion of its expansion program
  • strong performance from its toll roads
Brookfield Infrastructure's energy platform slightly increased its performance benefitting from strong results at its UK energy distribution operations.

In early August, Brookfield Infrastructure signed definitive documents to acquire 100% of Entergy Solutions District Energy for $130 million in partnership with institutional investors. ESDE owns and operates district energy assets serving the business districts in Houston and New Orleans. Brookfield Infrastructure will own a 40% interest in the business.

This operation will complement the system that Brookfield Infrastructure acquired in downtown Toronto in October 2012 and is a key milestone in its broader plan to build out a North American district energy business. This acquisition is expected to close in the third quarter of 2013.

Source: Brookfield Infrastructure

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