Q3 DPS drops 9.7% at CDL Hospitality Trust

Singapore

CDL Hospitality Trust (CDLHT) posted a 9.7 per cent drop in distribution per stapled security (DPS) to 2.36 Singapore cents for the third quarter ended Sept 30, 2015 dragged by weaker performance of its Singapore, Australia and New Zealand hotels and incremental interest expenses.

This came on the back of a 2.2 per cent decline in net property income to S$33.1 million.

Gross revenue registered a 2.4 per cent rise to S$41.1 million, mainly attributable to the contribution of S$2.4 million from the acquisition of the Japan hotels in December 2014 and incremental rental income of S$1.2 million from the newly refurbis…