Far East H-Trust's Q3 DPS hit by revenue dip, higher finance costs

Singapore

FAR East Hospitality Trust reported a 9.1 per cent year-on-year fall in third-quarter distribution per stapled security (DPS) to 1.2 Singapore cents amid softer revenues from its hotels and serviced apartments as well as higher finance expenses arising from a spike in short-term interest rates.

Gross revenue for the quarter ended Sept 30 dropped 4.8 per cent from a year ago to S$29.7 million while net property income declined 4.6 per cent to S$26.9 million.

Revenue per available room or unit for its hotel and serviced residence portfolio slipped 5.6 per cent and 9.2 per cent year-on-year respectively to S$151 and S$209 in the third quarter as …