CDL Hospitality Trusts Q3 DPS falls 4.1% on lower income from overseas hotels
CDL Hospitality Trusts (CDLHT) on Wednesday posted a 4.1 per cent fall in distribution per stapled security (DPS) to 2.09 Singapore cents for the third quarter ended Sept 30, from 2.18 Singapore cents a year ago.
This was due to a decrease in net property income (NPI) and higher interest expense for the quarter.
Total distribution to stapled securityholders, after retention for working capital, declined 3.6 per cent to S$25.4 million from S$26.3 million last year.
Revenue also slipped 1.8 per cent to S$49.1 million from S$50 million a year ago.
NPI retreated 1.5 per cent year on year to S$35.7 million from S$36.2 million, as stronger performance from CDLHT's Singapore hotels was more than offset by lower NPI contribution from the rest of its overseas properties, in part due to weaker currencies.
"Trading conditions in Auckland (New Zealand), Tokyo (Japan) and Maldives were competitive while Munich (Germany) hosted less events due to a cyclically lighter events calendar," the trust said.
No distribution has been declared for the quarter.
For the nine months ended Sept 30, DPS fell 3.7 per cent to 6.25 Singapore cents, from 6.49 Singapore cents previously.
Total distribution to stapled security holders, after retention of working capital, inched down 3.1 per cent to S$75.8 million from S$78.2 million a year ago.
Revenue also slipped 4.4 per cent to S$142.9 million, as NPI retreated 4.1 per cent to S$103.2 million.
CDLHT is a stapled group comprising CDL Hospitality Real Estate Investment Trust (H-Reit) and CDL Hospitality Business Trust (HBT).
Stapled securities of CDLHT closed flat at S$1.64 on Tuesday, before the results were released.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
UBS weighs synthetic risk transfer amid capital boost proposals
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results