Far East H-Trust's DPS in Q3 falls 6.7%

FAR East Hospitality Trust reported a 6.7 per cent drop in distribution per stapled security (DPS) to 1.12 Singapore cents for the third quarter from a year ago as an uncertain global economy curbed corporate travel and new hotel rooms supply put pressure on rates.

Income available for distribution slipped 6 per cent to S$20.3 million from S$21.6 million.

Gross revenue was down 5.5 per cent to S$28 million on the back of reduced revenue from hotels and serviced residences and softer performance of the retail and office spaces.

Net property income also fell 5.8 per cent to S$25.3 million from S$26.9 million.