CDL Hospitality Trusts posts 3.7% lower Q1 DPS at 2.09 Singapore cents
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Fiona Lam
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TOTAL distribution per stapled security (DPS) for CDL Hospitality Trusts (CDLHT) declined 3.7 per cent to 2.09 Singapore cents for the first quarter to March 31, from 2.17 Singapore cents a year ago.
Total distribution to stapled securityholders, after retention for working capital, stood at S$25.3 million, down 3.0 per cent from S$26.1 million for the year-ago period.
Revenue shrank 10.6 per cent to S$46.3 million for the first quarter, while net property income (NPI) also fell 10.7 per cent to S$33.8 million, the group reported on Tuesday before the market opened.
The lower NPI was primarily due to downtime at two of CDLHT's properties - Orchard Hotel in Singapore and Dhevanafushi Maldives Luxury Resort in the Maldives - which both had ongoing renovation works.
Interest expense for Q1 rose by S$1.3 million, mainly because of additional loans for the acquisition of Hotel Cerretani Florence in Italy, renovation works and higher funding cost.
CDLHT is a stapled group comprising CDL Hospitality Real Estate Investment Trust and CDL Hospitality Business trust.
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The counter closed up one Singapore cent to S$1.60 on Monday.
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