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Far East Hospitality Trust's Q1 DPS rises to 1.08 Singapore cents
HOTEL and serviced residence owner Far East Hospitality Trust reported a distribution per stapled security (DPS) of 1.08 Singapore cents for its first quarter ended March 31, 2016, up from 1.07 cents a year ago.
Gross revenue remained unchanged at S$27.37 million, while net property income edged up 0.8 per cent to S$24.68 million.
Despite some uplift from the Singapore Airshow in February, the hospitality sector still faced the challenges posed by the supply of new hotels and the softness in demand from the corporate segment, the trust said.
As such, revenue per available room of the hotel portfolio was flat at S$141, despite a higher average occupancy achieved during the quarter.