Ascendas Hospitality Trust's Q1 DPS up 1.6% to 1.31 cents

HOTEL owner Ascendas Hospitality Trust on Thursday reported distribution per stapled security (DPS) of 1.31 Singapore cents for its first quarter ended June 30, 2017, 1.6 per cent more than 1.29 cents a year ago.

Income available for distribution rose 1.8 per cent to S$14.7 million due to lower financing costs, partially offset by a slightly higher amount of income retained.

Net property income fell 1.5 per cent to S$22.3 million, mainly due to lower contribution from the Australia and Singapore portfolios.

Gross revenue rose 2.2 per cent to S$53.5 million due to the appreciation of the Australian dollar against the Singapore dollar.

Net asset value per stapled security at end-June was S$0.89, down from S$0.92 at end-March.

The counter closed down half a cent at S$0.84.