K-Green Trust

K-Green Trust: Rev at $24.6m -5.8% yoy +5.4% qoq with net profit at $3.8m -14.2% yoy +15.4% qoq. No distribution declared as K-Green’s distribution is on a semi-annual basis but co expects FY11 DPU to be as projected at 7.82c. Construction rev was 15.2% lower yoy due to lower % of completion recognized.

NAV for June was $1.13 and current NAV is at $1.10 per unit with P/B of 0.8x. Just to highlight, part of K-Green distributions comes from amortizing its service concession receivables (current assets) as income.