Ascott Residence Trust H1 DPS up 14% on boost from travel recovery

THE return of global travel has lifted the fortunes of Ascott Residence Trust (ART), as it recorded a 14 per cent rise in distribution per stapled security (DPS) to S$0.0233 for H1 ended June.

Revenue for the period rose 45 per cent year on year to S$267.4 million, translating to a 44 per cent increase in gross profit to S$118.2 million. This was driven by a higher average daily rate and average occupancy rate; average occupancy rate rose to 70 per cent in Q2, from 50 per cent in the previous quarter. Revenue per available unit (RevPAU) rose strongly, by 60 per cent to S$96 in the first half.

Serena Teo, chief executive officer of the managers of ART, noted that the RevPAU of S$124 in Q2 was about 82 per cent of pre-Covid levels in Q2 2019.