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CDL Hospitality Trusts posts 3.7% lower Q1 DPS at 2.09 Singapore cents

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.

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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.

The counter closed up one Singapore cent to S$1.60 on Monday.