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Q1 profit for Brookfield Infrastructure Partners

Sam Pollock, CEO, Brookfield Infrastructure (Photograph supplied)

Brookfield Infrastructure Partners LP has reported net income of $23 million for the three-month period ended March 31, compared with net income of $70 million in the prior-year quarter.

BIP said current-year results benefited from the contributions associated with recent acquisitions and organic growth across its base business, which were offset by mark-to-market losses on commodity contracts and one-time transaction costs associated with the acquisition of HomeServe and the European telecom tower portfolio, which are expensed on acquisition.

“We are pleased to report a strong start to 2023 for Brookfield Infrastructure, with future growth secured from several successful capital deployment initiatives,” said Sam Pollock, chief executive of Brookfield Infrastructure.

“Our diversified portfolio of high-quality infrastructure assets are well positioned to deliver resilient results during all market conditions.”

Funds from operations for the first quarter were $554 million, increasing 12 per cent relative to the comparable period.

Organic growth for the quarter was robust at 9 per cent, reflecting the benefits of continued elevated levels of inflation on tariffs, strong volumes across its transport networks and the commissioning of approximately $1 billion in new capital projects over the past 12 months.

BIP said results were further supported by the contribution of approximately $2.4 billion of capital deployed in new acquisitions over the past year. Partially offsetting the strong underlying performance of the business was the normalisation of market-sensitive revenues, as the prior year benefited from elevated commodity prices, and the impact of asset sales.

In April, BIP announced its intention to acquire 100 per cent of the common equity of Bermudian-based Triton International Limited for $85 per share in a take-private transaction, equating to an enterprise value of $13.3 billion.

In the first-quarter earnings release, BIP said: “Triton is the world’s largest owner and lessor of intermodal shipping containers and is a critical provider of global transport logistics infrastructure, with a fleet of over seven million 20-foot equivalent units.

“The container leasing industry has high barriers to entry and is characterised by a small group of industry players.”

Brookfield Infrastructure owns and operates high-quality, long-life assets in the utilities, transport, midstream and data sectors across North and South America, the Asia-Pacific and Europe.

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Published May 04, 2023 at 7:35 am (Updated May 04, 2023 at 7:35 am)

Q1 profit for Brookfield Infrastructure Partners

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