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Brookfield Infrastructure Partners swings to loss in Q2

Brookfield Infrastructure Partners LP said its second-quarter normalized net income amounted to a loss of 2 cents per share, compared with the S&P Capital IQ consensus estimate of 35 cents per share.

The per-share result swung to a loss from the prior-year profit of 1 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $5.9 million, compared with income of $2.8 million in the year-earlier period.

The normalized profit margin fell to negative 1.3% from 0.6% in the year-earlier period.

Total revenue decreased year over year to $466.0 million from $488.0 million, and total operating expenses declined from the prior-year period to $333.0 million from $338.0 million.

Reported net income decreased 60.0% from the prior-year period to $2.0 million, or 1 cents per share, from $5.0 million, or 2 cents per share.