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CDL Hospitality Trusts posts Q4 DPS of 3.13 cents, up 7.2%

CDL Hospitality Trusts (CDLHT) posted a 7.2 per cent increase in its distribution per stapled security (DPS) to 3.13 Singapore cents for the fourth quarter ended Dec 31, 2014, up from 2.92 Singapore cents a year ago.

The group recorded higher gross revenue of S$45.1 million, up 14.4 per cent, as it recognised the full hotel revenue from Jumeirah Dhevanafushi and a S$1.3 million rental sum from Angsana Velavaru in Maldives.

This was partially offset by reduced rent contribution of S$0.4 million from Singapore Hotels, a loss of S$0.5 million in rental income from Claymore Link Mall and lower fixed rent contribution from the Australian properties due to the weaker Australian dollar.

The group, comprising CDL Hospitality Real Estate Investment Trust and CDL Hospitality Business Trust, said its net property income grew by 6 per cent to S$38.6 million in the quarter.

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For the full year, CDLHT's distribution per stapled security stayed flat at 10.98 Singapore cents, from 10.97 cents a year ago. Net property income rose 2.3 per cent to S$140.5 million.

Full hotel revenue from Jumeirah Dhevanafushi and the rental boost from Angsana Velavaru also boosted its full-year gross revenue, which stood at S$166.8 million, up 12.1 per cent.

The trust's manager said it was encouraged by the company's performance given weaker trading conditions in some markets.

"Our strategy of diversifying into selected key markets has augmented the overall portfolio performance," said Vincent Yeo, CEO of M&C Reit Management Limited. "Our recent acquisition of the two Japan hotels in December 2014 is expected to benefit our portfolio income stream further."

The counter closed 0.5 cent lower at S$1.795 on Tuesday evening.