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Far East Hospitality Trust Q3 DPU slips 6.4%

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FAR East Hospitality Trust reported a 3.1 per cent drop in distributable income to S$23.45 million for the third quarter ended September 2014 from a year ago.

FAR East Hospitality Trust reported a 3.1 per cent drop in distributable income to S$23.45 million for the third quarter ended September 2014 from a year ago.

Distribution per unit (DPU) fell 6.4 per cent to 1.32 Singapore cents from 1.41 Singapore cents a year ago.

Net property income for the quarter slipped 1.2 per cent to S$28.19 million from S$28.52 million. Gross revenue was flat, turning in some S$31.15 million, down one per cent from S$31.47 million achieved over the previous year's corresponding quarter.

Gerald Lee, chief executive officer of the Reit manager, said that while the travel and leisure industry was challenging in the last quarter, the properties managed to maintain high occupancies, registering year-on-year increases.

"The steady income from our serviced residences and commercial spaces helped to cushion the softer performance of the hotels," he said.