CDLHT's Q4 DPS flat at 2.77 S cents
Add BT as a preferred sourceCDL Hospitality Trusts (CDLHT) on Thursday posted a distribution per stapled security (DPS) of 2.77 Singapore cents for the fourth quarter ended Dec 31, unchanged from the year-ago period.
Total distribution to stapled securityholders, after retention for working capital, was up 0.6 per cent to S$33.6 million from S$33.4 million a year ago.
Revenue rose 3.2 per cent to S$54 million from S$52.3 million last year. This was due to a full quarter's contribution from the rebranded Raffles Maldives Meradhoo resort and the Italy hotel the trust acquired in November 2018, as well as higher contribution from its Singapore hotels.
However, revenue growth was partially offset by lower contribution from the rest of the group's properties, which posted a collective year-on-year decline of S$2.4 million, CDLHT noted.
As a result, net property income (NPI) for the quarter fell 1.2 per cent to S$38 million.
"A significant portion of the overseas NPI decline was due to the anticipated reduced income from Pullman Hotel Munich, stemming from the cyclicality in the city's events calendar.
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"Trading conditions in Tokyo and Maldives were competitive, while contribution from Australia and New Zealand were lower due to a weaker local currency," CDLHT explained in a media statement.
For the full year ended Dec 31, DPS slipped 2.6 per cent to 9.02 Singapore cents, from 9.26 Singapore cents for the year-ago period. Total distribution to stapled securityholders after retention of working capital also fell 2 per cent to S$109.4 million.
Meanwhile, NPI declined 3.3 per cent to S$141.2 million, and revenue was down 2.4 per cent to S$196.9 million.
Distribution for the period from July 1, 2019 to Dec 31, 2019 came in at 4.86 Singapore cents per stapled security, versus 4.95 Singapore cents in the preceding year.
This distribution will be paid out on Feb 26, after books closure at 5pm on Feb 7.
CDLHT is a stapled group comprising CDL Hospitality Real Estate Investment Trust and CDL Hospitality Business Trust.
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