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Ascendas Hospitality Trust Q2 DPS up 2.8%

ASCENDAS Hospitality Trust on Wednesday posted a 2.8 per cent rise in distribution per stapled security (DPS) for the second quarter ended Sept 30. DPS expanded to 1.46 Singapore cents from 1.42 cents.

Q2 income available for distribution, less the income retained for working capital, edged up 3 per cent from a year ago to S$16.6 million. The increase came on the back of savings in net finance costs and partial distribution of the proceeds from the divestment of two hotels in Beijing.

Gross revenue and net property income took a dip due to lower contribution from the Australian portfolio and absence of earnings from the China portfolio, exacerbated by the 6.8 per cent depreciation of the Australian dollar against the Singapore dollar.

Gross revenue was down 11.9 per cent year-on-year to S$46.4 million, while net property income slid 7.5 per cent to S$20.5 million.

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Room revenue for the Australia portfolio dipped, with revenue per available room decreasing 4.7 per cent.

For the half year, DPS rose 2.9 per cent to 2.81 Singapore cents. After deducting income retained for working capital, income available for distribution was S$31.9 million, up 3.4 per cent.

Gross revenue decreased 9.3 per cent to S$91.3 million while net property income fell 6.9 per cent to S$39.2 million.

Ascendas Hospitality Trust announced on the same evening that its chief financial officer Lim San San Susanna will be relinquishing her current appointment to take up another executive position within the Ascendas-Singbridge (ASB) Group.

This is due to reorganisation within the ASB Group. Taking over Ms Lim's role is Woo Yeng Yeng, who is currently vice-president of corporate finance for the group.

The counter closed at 79 Singapore cents before results were released, up 0.5 Singapore cent or 0.64 per cent.