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Lower DPSS for Far East H-Trust in Q3

FAR East Hospitality Trust (Far East H-Trust) posted a lower distribution per stapled security (DPSS) of 1.2 Singapore cents for the third quarter ended Sept 30, down from 1.32 cents a year ago.

For the quarter under review, gross revenue slipped 4.8 per cent year on year to S$29.66 million on the back of lower revenue from its hotels and serviced residences. This comes as corporate travel has softened, while the strong Singapore dollar and persistent haze are causing leisure demand to weaken.

Net property income fell 4.6 per cent to S$26.89 million, also due to the decline in hotel and serviced residences revenue.

Meanwhile, income available for distribution slumped 8 per cent to S$21.57 million in line with lower revenue and higher finance costs.

The DPSS is due to be paid on Dec 7.

"Continuing efforts by the government and industry players to strengthen Singapore as a choice travel destination are expected to benefit inbound tourism moving forward," Far East H-Trust said.