CDLHT reports 9% rise in Q1 distribution per stapled security

CDL Hospitality Trusts (CDLHT) reported on Wednesday that its distribution per stapled security for the first quarter of 2017 was 2.42 Singapore cents, up 9 per cent from a year ago.

Total distribution to stapled securityholders after retention for working capital rose 10 per cent year-on-year to S$24.1 million.

CDLHT, which owns 15 hotels and two resorts including Orchard Hotel amd Grand Copthorne Waterfront Hotel in Singapore, recorded 6.4 per cent jump in its net property income to S$35.9 million in Q1 due to strong growth from its New Zealand hotel.

Contribution from its Singapore hotels was largely unchanged. Its hotels in Japan and Maldives resorts saw lower contributions due to stiffer competition. Contribution from the United Kingdom hotel recorded a marginal decline due to negative currency translation despite stronger underlying performance.

Vincent Yeo, Chief Executive Officer of CDLHT's managers, said, "While the Singapore market continues to absorb additional rooms supply and companies remain cautious on corporate spending, we will focus on the long-term potential of our Singapore assets by seeking asset enhancement opportunities to maintain their competitiveness.

"We will also continue to pursue suitable acquisitions to diversify our income sources and augment returns to Stapled Securityholders."