Brookfield Infrastructure Q2 FFO Flat, Revenues Rise - Quick Facts

(RTTNews) - Brookfield Infrastructure Partners L.P. (BIP), which owns and operates utilities, Tuesday reported that its second-quarter funds from operations, or FFO, was $180 million, same as last year as a result of dispositions made as part of capital recycling initiative and certain non-recurring items. FFO per unit declined to $0.86 from $0.88 a year ago.

Results were higher on a comparable or 'same store' basis, the company noted.

Net income attributable to partnership plunged to $13 million or $0.01 per share from prior year's $132 million or $0.60 per share, which benefited from gains on certain asset sales and hedging items.

Revenues increased to $488 million from last year's $462 million.

Further, the company said its Board of Directors declared a quarterly distribution in the amount of $0.48 per unit, payable on September 30, to unitholders of record as at the close of business on August 29.

Sam Pollock, CEO of Brookfield Infrastructure, said, "We are pleased to report that in the first half of the year, we have delivered 12% comparable or 'same store' annualized FFO per unit growth, surpassing the 6-9% organic growth target we set out last year," said "We are close to completing $450 million of previously announced acquisitions which will begin to contribute to results during the second half of the year and our business development teams are continuing to engage on a number of investment opportunities."