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CDLHT's Q3 DPS dips 3% on rights issue, but property income grows

CDL Hospitality Trusts posted on Friday a 3 per cent dip in distribution per stapled security, reflecting the effects of a rights issue completed in August.

Distribution per stapled security (DPS) for the three months ended Sept 30, 2017 stood at 2.29 Singapore cents, compared with 2.36 Singapore cents in the year-ago quarter.

Excluding the effect of the rights issue, DPS for the period would have been 2.74 Singapore cents, an increase of 12.3 per cent from a year ago.

Net property income (NPI) rose 15.9 per cent to S$40.4 million, thanks to inorganic contribution from The Lowry Hotel in Manchester, United Kingdom and Pullman Hotel Munich in Germany, alongside stronger operating performance from the New Zealand Hotel. 

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Growth in NPI was partially offset by softer trading performance from the Japan Hotels and Maldives Resorts, as well as lower contribution from Hilton Cambridge City Centre, which was further affected by a weakened sterling pound.