Ascendas Hospitality Trust earns more in Q2 but distribution is flat

Singapore

A HIGHER contribution from a hotel in Japan and the strengthening of the Japanese yen against the Singapore dollar gave a boost to second-quarter earnings of hotel landlord Ascendas Hospitality Trust (A-H Trust), which late last month said it was no longer in the market for a buyer after turning down several suitors.

But its expanded net property income was offset partly by lower realised exchange gains on income hedges, and income available for distribution in Q2 ended up roughly flat compared with the previous year.