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OUE Hospitality Trust (OUE H-Trust) on Thursday posted a 3.1 per cent fall in distributable income to S$21.4 million for the first quarter ended March 31, 2015, due to the weaker operating performance of Mandarin Orchard Singapore (MOS).
Distribution per unit fell 4.2 per cent from 1.68 Singapore cents to 1.61 Singapore cents.
Revenue for the quarter rose 2.1 per cent while net property income (NPI) improved marginally by 0.3 per cent. Both increases were thanks to contribution from Crowne Plaza Changi Airport (CPCA) and higher retail revenue from Mandarin Gallery.
Hospitality revenue was S$0.6 million higher than a year ago, as a result of the additional S$2.7 million of master lease income contribution from CPCA which more than offset the S$2.1 million decrease in income from MOS.
Shares of OUE H-Trust slipped half a cent to close at 97 Singapore cents on Thursday before the results were announced.