Far East H-Trust Q2 DPU lower

AGAINST the backdrop of a challenging operating environment, Far East Hospitality Trust marked a 4.9 per cent dip in distributable income to S$22.1 million for the second quarter ended June 30.

Its distribution per unit (DPU) fell a larger 13.3 per cent to 1.24 Singapore cents. This was due to an enlarged stapled security base after issuing 148.3 million new stapled securities to a unit of The Straits Trading Company and Golden Development (a member of Far East Organization) as part of the acquisition cost of Rendezvous Hotel Singapore (RHS) and Rendezvous Gallery.

Net property income for the quarter edged down 1.3 per cent from the year before to S$26.6 million given lower hotel occupancies and average room rates.