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FHT's Q3 DPS falls due to bigger unit base after rights issue
A LARGER unit base following a rights issue last October led distribution per stapled security (DPS) to slide to 1.2374 Singapore cents for the third quarter from 1.5126 Singapore cents in the previous year, Frasers Hospitality Trust (FHT) said in a Singapore Exchange filing on Thursday evening.
That came as Q3 income available for distribution increased 11.6 per cent to S$24.1 million from the previous year.
The addition of Novotel Melbourne on Collins to its portfolio gave a lift to revenue and earnings for the hotel owner in its third quarter.
For the three months ended June 30, gross revenue jumped 22.6 per cent to S$38.9 million from the preceding year. Net property income grew 8.5 per cent to S$29.3 million from the previous year.
Net asset value per stapled security edged down to 74.92 Singapore cents at end-June 2017, from 82.9 Singapore cents at end-September 2016.
The trust owns properties in Australia, the UK and Singapore among others.
FHT units closed S$0.005 or 0.7 per cent lower at S$0.735 on Thursday.